Spotted in an IRS audit guide: "[To demonstrate intent to make profit t]he taxpayer should have a written business plan." Opposite of truth.
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Replying to @patio11
Wait, in what situations does the IRS require this? I know of several visas that require it, but haven't seen it in tax code...
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Replying to @eirikbakke
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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Replying to @patio11
Ah, I see. Like that giant flat screen TV and Oculus Rift rig.
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Replying to @eirikbakke
Yeah. Or well-compensated dentists who have a money-losing sideline in racing cars, renting out yachts, etc.
5:45 PM - 4 Aug 2016
from Meguro-ku, Tokyo
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