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Bernardrucker81yahoocom
January 30, 2021
Question

? Driver Lyft a as taxes my on loss a claim I can years many How

  • January 30, 2021
  • 1 reply
  • 0 views
? taxes my on loss a claim still  I Can  
. ago years 2 happened that accident an  to due  work of out I'm

1 reply

ColeenD3
ColeenD3
January 30, 2021

The IRS expects a gain for three out of five years. If you do not have one, they start to suspect that you don't have a profit motive.

 

IRC § 183(d) is a safe harbor for the taxpayer. It allows a presumption that the taxpayer is engaged in for profit if in 3 of 5 consecutive years (2 of 7 in the case of breeding, training, showing or racing of horses), the activity is profitable.

 

Please see this LINK for more information.

 

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