Article Date:
January 2007

Word Count:



Is Failure a Hobby?

I started an antique business in February 2006 (last year). At startup, I rented space from an antiques dealer and stocked my space with what you might call stuff from Goodwill-type outlets. Last October I shut this business down. Things did not work. Can I deduct the loss from this failed business on my 2006 tax return? Can the IRS come back and say that this was just a hobby and not a serious business? (S.M., ... Log in to view full article.

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