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IRC Section 183 Hobby Loss Rules

Many taxpayers think they have a business and think they are able to write off a number of expenses.

However, the IRS does not always agree and frequently challenges a taxpayer's business and related deductions under the theory that the business is nothing more than a hobby. This on-demand webinar will help you advise your clients how to properly document and substantiate a business and its related expenses to withstand the often scrutiny of the IRS. Learning Objectives: •You will be able to explain activities subject to Hobby Loss Rules. •You will be able to review Safe Harbor. •You will be able to discuss Section 183 limited deductions. •You will be able to identify factors used to determine activity for profit or hobby.

99 minutes
Certificate of Completion
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Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Overview of Hobby Loss Rules - IRC Section 183

Activities Subject to Hobby Loss Rules

Factors to Determine Activity for Profit or Hobby

  • Activity Carried out in Businesslike Manner
  • Taxpayer's Expertise or Reliance on Expert
  • Time and Effort Taxpayer Expends in Carrying on Activity
  • Expectation Assets Will Increase in Value
  • Taxpayer's Previous Success in Similar Activities
  • History of Income/Loss From Activity
  • Any Profit?
  • Taxpayer's Financial Status
  • Elements of Personal Pleasure or Recreation

Safe Harbor - Kind of?

  • Profit Three of Last Five Years

No Profit Motive = Section 183 Limited Deductions

Recent Tax Court Cases

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Why Lorman?

Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on May 6, 2014.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Adam S. Fayne

Adam S. Fayne

Saul, Ewing, Arnstein & Lehr LLP

  • Former attorney with Internal Revenue Service
  • Frequently writes on international tax compliance matters
  • Represented hundreds of taxpayers with foreign income and assets
  • Frequent speaker discussing taxpayers duties to the United States while living abroad
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Why Lorman?

Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

All of your training, right here at Lorman

All of your training, right here at Lorman.

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Product ID: 390719
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