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        Election To Postpone Determination as To Whether the Presumption Applies that an Activity Is Engaged in for Profit
        Election To Postpone Determination as To Whether the Presumption Applies that an Activity Is Engaged in for Profit

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        Election To Postpone Determination as To Whether the Presumption Applies that an Activity Is Engaged in for Profit

        ABSTRACT

        An activity is presumed to be engaged in for profit and not to be a hobby, if it is profitable in three out of five consecutive years. For a new business, this means that you don't have to show a profit for your first two years. The IRS does provide a form on which you can officially elect to have the IRS wait until the first five years are up before examining the profitability of your business.

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        • TypeForm
        • PriceFree
        • FormatPDF
        • Size45.4 KB
        • LanguageEnglish
        • Stacks0
        • Postedover 5 years ago
        • Authored-
        • Added byHashdoc Content Review
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