Claimed personal training bus loss for 3 consecutive yrs. what's the limit on years allowed for bus loss?
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In general, the IRS likes to see a profit for 3 of the previous 5 years. That said, there is no actual limit on the number of years your business can claim a loss, rather all facts and circumstances would be considered by the IRS before disallowing the losses and converting the business to a hobby. The below list of items to consider are from this IRS link: IRS Hobby or Business?
Generally, an activity qualifies as a business if it is carried on with the reasonable expectation of earning a profit. In order to make this determination, taxpayers should consider the following factors:
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