Spotted in an IRS audit guide: "[To demonstrate intent to make profit t]he taxpayer should have a written business plan." Opposite of truth.
When they suspect that losses reported on a schedule C resulted from activities not engaged in for profit AKA hobby losses.
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Ah, I see. Like that giant flat screen TV and Oculus Rift rig.
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Yeah. Or well-compensated dentists who have a money-losing sideline in racing cars, renting out yachts, etc.
End of conversation
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