Originally Posted By: s_montgomery
I believe you can offset any other income with a schedule F loss for one more year. IIRC if the activity is unprofitable 2 out of 3 years it will be considered a hobby. (maybe 3 of 5 but I dont think there is a definite rule). After 3 years if overall (cumulative) you have a profit you should be fine.


this is only the second time I've smiled today. thanks - seriously, that takes a weight off my shoulders.

So...JHAP, how many Nebraska bullfrog tadpoles can I put you down for next year? I'm also expecting a bumper crop of dirt clods...FREE SHIPPING

Last edited by teehjaeh57; 09/29/09 09:20 PM.
Many men go fishing all of their lives without knowing that it is not fish they are after. ~ Henry David Thoreau

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