Hobby Businesses and the Tax Court

This case caught my eye because it involved fishing!

When Taxpayers Go Fishing For Deductions

A Norman Rockwell-esque “Gone Fishin'” sign on a business may provoke nostalgia of halcyon middle America. It probably means something altogether different to Steve and Janice Lowe, taxpayers who recently went to U.S. Tax Court but came home with an empty creel. To put it in fishing nomenclature, they got skunked. The case is a good summer read, plus a roadmap of how taxpayers fare in hobby loss cases and which mistakes can prove fatal.

If you have a hobby that you’d like to turn into a business, make sure to read the whole article. It’s good!