#1
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amending past returns, hobby to pro
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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Re: amending past returns, hobby to pro
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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Re: amending past returns, hobby to pro
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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Re: amending past returns, hobby to pro
right, if there is a mistake...but not just because now he is a pro.
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#5
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Re: amending past returns, hobby to pro
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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Re: amending past returns, hobby to pro
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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Re: amending past returns, hobby to pro
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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