Farm Losses versus Hobby Losses: Farmers Must Plan Ahead to Avoid Adverse Tax Consequences

Authors

JC Hobbs, Oklahoma State University

Files

Description

The hobby loss rules which determine whether a venture is a business or a hobby, is a frequently misunderstood area of tax law that causes producers who are experiencing difficult economic times to worry, perhaps unnecessarily, that the venture will be viewed as a hobby rather than a true business venture. This article is intended to provide information to help producers reduce the likelihood that the business venture will be deemed a hobby.

Publisher

Rural Tax Education

Publication Date

9-2016

Keywords

losses, farm, hobby, adverse, tax

Disciplines

Education | Higher Education | University Extension

Recommended Citation

Hobbs, JC, "Farm Losses versus Hobby Losses: Farmers Must Plan Ahead to Avoid Adverse Tax Consequences" (2016). Rural Tax Education. 24.
https://digitalcommons.usu.edu/rural_tax/24