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Don’t Horse Around with Hobby Losses

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Under the tax code, taxpayers are restricted in deducting losses from activities that are not "engaged in for profit." The IRS frequently argues that certain activities are hobbies, rather than businesses. Read how one taxpayer convinced the Tax Court that her horse-related activity was a legitimate business. We'll also explain how you can help secure tax breaks related to an enjoyable activity you would like to turn into a profitable venture.

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