(847) 690-9454 info@leifjensenassoc.com

After a recent tax court ruling a former country music artist is unhappy over the hobby loss rules after an appeals court disallowed her Schedule C losses from a music venue she owns.

Among the factors that helped the court conclude she did not intend to turn a profit: She kept poor records, made no effort to cut expenses and did only limited advertising. She didn’t follow expert advice she received on ways to make the venue profitable. And she had other sources of substantial income, mainly from trusts

Ford, 6th Cir.

Pin It on Pinterest