Quote:
Originally Posted by stlcardsfan
This is known as the "hobby loss" rule. I believe if you lose money on a Sch C for 3 of the past 5 years the IRS can declare it a hobby and preclude you from taking such losses.
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Yep. IRC Section 183(d) provides a safe harbor. If your business has net income for 3 of the last 5 years, then it meets the safe harbor to be a business and not a hobby.
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Trying to wrap up my master mays set, with just a few left:
1968 American Oil left side
1971 Bazooka numbered complete panel
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