Section 183 Hobby Losses Live Video Conference

This is a 2-hour live video conference (2 CPE credits) led by Peter J. Reilly, CPA., who has been a tax practitioner for over 44 years, has read and analyzed over 700 cases on hobby losses.

Section 183 “Activities not engaged for-profit” often referred to as the hobby loss rule has been part of the Internal Revenue Code for over 50 years. Over that half-century, it has produced some fascinating case law that continues to be relevant. We will discuss the nine factors that are used to assess the taxpayer’s intent and how the courts have evolved in the view of what satisfies the factors. We will discuss how to be alert to hobby loss exposure, how to be prepared for an audit, and how to fight an audit when it happens. From horse breeding to Amway to playing the slots using the principles of Feng Shui, we will look at who wins, who loses and why, and how you can help your clients be winners with their losses. After a forty-year career in public accounting focused on tax, Peter now writes for Forbes.com and has covered hobby loss cases extensively.