SVCBeercats
Meglepetés Előadó
- Joined
- Feb 14, 2017
- Messages
- 4,917
- Reaction Score
- 29,355
This is not facetious question. After 30 years of failing to earn a profit how does the WNBA avoid being classified as a hobby by the IRS? Is it a business entity unto itself or a division of the NBA? Do sports businesses have their own classification for tax purposes?
If your business claims a net loss for too many years, or fails to meet other requirements, the IRS may classify it as a hobby, which would prevent you from claiming a loss related to the business. If the IRS classifies your business as a hobby, you'll have to prove that you had a valid profit motive if you want to claim those deductions.
If your business claims a net loss for too many years, or fails to meet other requirements, the IRS may classify it as a hobby, which would prevent you from claiming a loss related to the business. If the IRS classifies your business as a hobby, you'll have to prove that you had a valid profit motive if you want to claim those deductions.