[HUG ] Re: [HUG ] Re: SV: Re: On the subject of equipement  cost

In a message dated 10/15/08 2:06:56 PM, bs.pearce@xxxxxxx writes:


> You are free to operate a business in any manner that you please, and take
> all appropriate deductions, but if after five years, you don't show a profit
> (on which, of course, you pay taxes) then it is classified as a hobby, and
> you can no longer get any tax benefits.
> 
> It may be more complicated than this, and there may be loopholes (you've all
> read about the US congress), so if you are more up, chime in!
> 

On the other hand, farmers always show a tax loss and get away with it.



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