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Non-Cattle Specific Topics
Coffee Shop
Taxes and Claiming Loss?
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<blockquote data-quote="Dave" data-source="post: 1391937" data-attributes="member: 498"><p>My guy says that you have to be able to show that you were attempting to make a profit. There was a story in the regional ag paper a few year back. The IRS and some guy ended up in court. This would be farmer had deducted a lot of money over several years as farm expense but never sold anything. The IRS won the case because they showed that he never attempted to make a profit.</p></blockquote><p></p>
[QUOTE="Dave, post: 1391937, member: 498"] My guy says that you have to be able to show that you were attempting to make a profit. There was a story in the regional ag paper a few year back. The IRS and some guy ended up in court. This would be farmer had deducted a lot of money over several years as farm expense but never sold anything. The IRS won the case because they showed that he never attempted to make a profit. [/QUOTE]
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Taxes and Claiming Loss?
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