According to the IRS, do you have a business or hobby?

do you have a business or hobbyThe determination of whether an activity is a business or hobby is highly litigated, usually with several court cases each year. The courts and the IRS will look at nine key factors to determine whether an activity is engaged in for profit. No one of these factors is controlling by itself.

This How to Guide will discuss:

  • 9 key factors looked at by court and the IRS

  • Explanation and tips regarding the 9 factors

  • Specific examples of how the factors influenced court cases

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