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<p>[QUOTE=&quot;medoraman, post: 2234081, member: 26302&quot;]While the absolute was not true, in practice its closer to the truth than saying all hobby losses are deductible. So you get some relief, but not much. But point taken they are partially recoverable against current year gains, but NET losses for a year are not deductible against other income, and are not usable in any other tax year. So if you are talking about NET losses, [USER=6763]@Treashunt[/USER]&nbsp; is completely correct. By the way, I believe Frank was a tax practitioner. I have a CPA certificate, but he has called me out on a few things I misspoke. difference between education and experience. <img src="styles/default/xenforo/clear.png" class="mceSmilieSprite mceSmilie1" alt=":)" unselectable="on" unselectable="on" /></p><p><br /></p><p>The sad part of this is, like many things, a few ruined it for everyone. Losses used to be usable, and then you had rich jerks saying they were in the horse raising business to deduct millions of dollars of their private ranch off income taxes. So, the excesses of a greedy few ruined it for everyone, like most things in life, especially in the tax code.[/QUOTE]</p><p><br /></p>

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