Message:

<p>[QUOTE=&quot;drathbun, post: 1972538, member: 42789&quot;]The IRA can be picky about hobby versus business. There are a number of things that you would be smart to do if you want to claim losses or expenses, such as tracking mileage and other travel costs to and from coin shows, keeping a record of how much time you spend daily (weekly) on your business, and so on. There used to be an often-quoted statistic that says you have to make money 2 out of 5 years (or 3 out of 7, or something similar) in order to be classified as a business, and to the best of my knowledge that is not true. But you have to show the effort to make a profit, and you have to show progress in that regard, otherwise the IRS can disallow expenses or losses as &quot;hobby expenses.&quot;</p><p><br /></p><p>As someone has already mentioned for a hobby you can deduct losses in any given year up to the amount of gains, so if you have a $3,000 loss and a $1,000 gain you can only deduct $1,000. And the other does not carry forward to a future year either.</p><p><br /></p><p>But I am not a tax accountant, and this is just my understanding of the rules.[/QUOTE]</p><p><br /></p>

Your name or email address:

Do you already have an account?

• No, create an account now.
• Yes, my password is:
• Forgot your password?

Stay logged in