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Off The Water
Watering Hole
I can't believe my brother-in-law......
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<blockquote data-quote="wasilvers" data-source="post: 152436" data-attributes="member: 1776"><p>Yes - its about profit motive. Most of these 'trips' are really vacations. The meetings are meals and entertainment. There has to be an expectation of future profit or the losses are disallowed. Generally you get a few years of losses - as long as you expect to turn a profit. About 7-8 years ago I saw a blurb from the IRS that they were targeting these as hobbies and disallowing the losses.</p><p></p><p>Here's a link off the top of the list from google. https://www.amquix.info/Amway_Tax_Scam.html</p><p></p><p>You might get away with it for 3-4 years, but then they'll come knocking. The IRS just hired 4500 new agents, on top of the 2000 they hired last year. Those guys have to pay for their salaries somehow.</p></blockquote><p></p>
[QUOTE="wasilvers, post: 152436, member: 1776"] Yes - its about profit motive. Most of these 'trips' are really vacations. The meetings are meals and entertainment. There has to be an expectation of future profit or the losses are disallowed. Generally you get a few years of losses - as long as you expect to turn a profit. About 7-8 years ago I saw a blurb from the IRS that they were targeting these as hobbies and disallowing the losses. Here's a link off the top of the list from google. https://www.amquix.info/Amway_Tax_Scam.html You might get away with it for 3-4 years, but then they'll come knocking. The IRS just hired 4500 new agents, on top of the 2000 they hired last year. Those guys have to pay for their salaries somehow. [/QUOTE]
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Off The Water
Watering Hole
I can't believe my brother-in-law......
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