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hobby

Hobby Loss Rules and Guidelines

Generally speaking, IRS rules provide that deductions for activities are only allowable to the extent of income received. There is a presumption that an activity is engaged in for profit if the activity is profitable in 3 out of any 5 consecutive years. For activities involving horses, the rules are more liberal in that it …

Hobby Loss Rules and GuidelinesRead More

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Pierce Accounting Services

(507) 238-4304

51 Downtown Plaza

Fairmont, MN 56031

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