Quote:
Originally Posted by M&M Guy
You have to show a profit at least some of the years, (something like 2 out of the last 5?) otherwise the "business" becomes a "hobby". You would still need to report the income, but you cannot deduct any expenses because they would not be related to a "business".
|
Some years, I did show a profit. Not the first couple of years because of uniform expenses and such. But once I got moved up to a varsity schedule, the income ended up exceeding the expenses. Last couple of years have had more mileage due to the number of meetings attended, but the losses are not huge. I suspect 2011 will show a modest profit.
In LA, I suspect, that hobbyists rule the day.
