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Investor or Trader

I have another new client who is a day trader and wow is he good at it! Even though he has another job he makes so much more money as a trader that this ultimately is his primary vocation. The

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Posted in 1031 Exchange, 1231 Exchange, Business Expense, Business Income, Capital Gain, Capital Loss, Income, Investment Income, Mark to Market, Self Employ, Small Business, Tax Deductible Expenses

Hobby v. Business determined based on how records were kept: TC Memo 2010-92

If you think you have a viable ongoing business with a profit motive be sure to maintain adequate financial records on a computer that you back up off site on a regular and consistent basis.  Also be aware that in

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Posted in Business Expense, Deductible Expense, Disallowed Expenses, IRS Penalties, NOL, Tax Guidance & Preparation, Tax Problems & Requests, Taxable Income

Hobby Losses

Sec. 183 denies loss deductions beyond income earned from activities in which the taxpayer does not intend to make a profit. These deductions are typically referred to as "hobby losses." Generally, an activity is presumed to be carried on for-profit

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Posted in Business Expense, Hobby
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