- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Business & farm
Also, I don’t see anything on the link you provided that talks about the 3 out of 5 year rule (it’s a business if you show a profit in 3 out of 5 years) I thought that was the main rule. Anyway, my business was dormant in its first 2 years with 2 dormant 8858s filed; 2023 was the third year of the business and first year the business became active, but still no profits, just expenses. If I explain this in an attachment, do you think it makes a difference?
My main concern is that if there’s any chance of penalties, it’s not worth it to me to try to take the loss.
October 13, 2024
9:42 AM