1/ I got a question about IRS form F and the US tax code. Pull up a chair, childrens!
11/ I am not an accountant, but my understanding is that (a) you can only have losses 3 out of 7 years (b) you can't "fudge" with $5 profit
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12/ ...bc that's the obvious hack, right? * lose $30k * lose $30k * lose $30k * sell 1 bale of hay for $5 ; no expenses * lose $30k ...
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13/ I'm sure that the IRS also has good info on what things cost, so I'd never claim a Kubota cost $100k or a shovel cost $500.
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IANAA & IANATL but I would suspect that it's a RUNNING 7 year window rather than a restarting one. To prevent CLAIMED losses >50% time.
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2 of 5. "An activity is presumed for profit if it makes a profit in at least three of the last five tax years" from https://www.irs.gov/uac/is-your-hobby-a-for-profit-endeavor …
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