On Nov 13, 2013, at 5:49 PM, Randall Austin <[log in to unmask]> wrote:
.
>> 
>> Have you checked that with HMRC?  I was not aware that they were willing to
>> subsidise any hobbies.
> 
> The same applies in the US. You cannot deduct losses from hobbies (legally, anyway). An enterprise that loses money year after year and still keeps at it is obviously a hobby. If people are getting away with deducting hobby losses, it is because nobody has turned them in to the IRS yet.
> 
> Randall Austin
Not only does the IRS not allow hobby deductions, if you are running a business, and do not make a profit for ?3? Consecutive years, they declare your business a hobby and disallow the deductions. I am fuzzy on the details as it has been a while since I heard from an incensed farmer.
Dr. Thomas Wiese
Hays, KS
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