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Tax Court Leaning Harder On The Little Guys In Hobby Loss Cases

Tax Court Leaning Harder On The Little Guys In Hobby Loss Cases

Two Tax Court decisions last month emphasize the wisdom of keeping separate accounts for your losing side gig.  Donald Swanson  had a charter fishing business. Susan & James Mercier played slots. In neither case were they able to establish that their activities...
Missing Tax Court Deadline By A New York Minute

Missing Tax Court Deadline By A New York Minute

Antawn Jamal Sanders has probably set a record although he is not likely pleased.  How close can you get to having a Tax Court petition be timely, but still have it be late? Mr. Sanders missed by 11 seconds, maybe 9 seconds depending on how you look at it. Or maybe we...
Hobby Loss Roundup

Hobby Loss Roundup

This is an update of my hobby loss roundup on March 26, 2024.  Previous update was June 2, 2023.  I should note that my new book Reilly’s Laws of Tax Planning (& Life!) includes a chapter on hobby loss cases which are the basis of the eighteenth law....