inyati13
Well-known member
tom4018":1dolx1t2 said:Bigfoot":1dolx1t2 said:I picked my taxes up last week. I lost money for 42nd year in a row. It's evidently not about the cash.
Our tax guy told us the IRS is cracking down on people who file a loss all the time, have you heard that or ever been audited?
We have been cash flowing money but the depreciation always puts us at a loss. He said they would deem it a hobby.
Sorry for your luck. I know what you mean about the mud, hope we have some of this moisture this summer.
I spent half of the morning looking for some cash that I thought was in the safe, still wondering where it is.
That is where a lot of big operations here are. They are making it on cash flow but the depreciation puts them at a loss. If the IRS is going to declare those in that category hobby, then they are going to end the cattle businsess becasue about 98% of the operations will be in that position.