|
|
How many show a profit on their Schedule F ?
When filing their income tax return. I always seem to come up with more dedection and depreciation than income. I have been told by others that eventually the IRS expects you to show a profit and not just show a loss every year? Anymore it seems like you are lucky just to break even? Any comments or suggestions appreciated.
|
|
Add Photo
Bookmarks: |
|
|
|
How many show a profit on their Schedule F ?
You have up to 5 years to claim total loss. then i think they start looking a little closer. As long as you are making some sort of income I don't think there is a lot they can do.
|
|
Add Photo
Bookmarks: |
|
|
|
How many show a profit on their Schedule F ?
Are you selling tobacco?
|
|
Add Photo
Bookmarks: |
|
|
|
How many show a profit on their Schedule F ?
Right now I am leasing the tobacco allotment out.
|
|
Add Photo
Bookmarks: |
|
|
|
How many show a profit on their Schedule F ?
Chief, according to my advisors Plots is right as a general answer but if you have your proofs for loss this should not interefere with your CPA getting your schedules done accureately. They real key is to use a VERY reliable firm if you are going to post losses for a number of consecutive years as that at least in theory slows audits.
|
|
Add Photo
Bookmarks: |
|
|
|