I am hung up on this. Rule says if you don't make a profit in 3 of the past 5 yrs you are a hobby. When I start my Scedule C for example:Gross receipts are $11,000Enter expenses of $5000It appears in my mind that a profit of $6000 was made.Here is where I get hung up!When entering depreciation, the profit then becomes a negative. The depreciation is spread over 5 yrs so net profit & loss on Schedule C would be a loss over 3 of the last yrs. Does that make this business a hobby?Thanks for any help! Carol
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra