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#1
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After you have shown a profit for 3/5 years, IRS will call you a pro. Can I then go back and ammend my prior tax returns with Schedule C's?
Thanks gurus! |
#2
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not true that irs will call you a pro after 3/5 years of profit. and no you do not go back and amend forms to claim pro status after you do become a pro. the old years stay as they were.
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#3
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You could've made a mistake on the earlier returns and need to amend them now. If the facts and circumstances indicate that you were a pro during the tax year, by all means amend them.
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#4
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right, if there is a mistake...but not just because now he is a pro.
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#5
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I thought a hobby was presumed to be "for profit" if profitable 3 out of 5 years.
If not, once you add in all the time I spend improving my game here, all the books, software, session reviews and business like record keeping, I would be considered pro if I wanted right? And if they wanted I believe!? Do they normally give trouble over this point if you meet the 3 year profitability standard? |
#6
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from what it seems in the most recent posts, it is something that irs wants you to do...you can likely be pro earlier if you wish.
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#7
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Interesting. I resisted the schedule C option because I don't really want any trouble, although I itemized losses via Tax Cut and live in MN...so I may be headed there anyway!
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