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General Category => Harness Racing => Topic started by: Cashout on October 26, 2025, 02:06:52 AM

Title: If you need to show a loss on your tax return
Post by: Cashout on October 26, 2025, 02:06:52 AM

       Take a piece of a six figure yearling purchase with Tony Alanga or Andy Miller is the fastest way to accumulate the losses that you need.

Title: Re: If you need to show a loss on your tax return
Post by: MTP1972 on October 26, 2025, 06:08:25 AM

According to IRS rules, you do need to show a profit in 2 of the last 7 years to claim the losses, otherwise they classify it as a hobby, and you can't claim your losses, well you still could and hope you don't get audited.

Title: Re: If you need to show a loss on your tax return
Post by: Cashout on October 26, 2025, 07:37:37 AM

       Good to know.     I guess we’ll scratch this idea ,  a profit two out of seven years with these two jokers isn’t likely