Which of the following is not a factor that the IRS looks at to determine if a loss is from a hobby or from a business?
A)Whether the activity is owned and run by the taxpayer alone
B)The history of the income and loss from the activity
C)Whether the losses are due to circumstances beyond a person's control
D)The financial status of the taxpayer

Question

Quizplus · Accepted Answer

The IRS does not consider whether the activity is owned and run by the taxpayer alone as a factor in determining if a loss is from a hobby or from a business. Factors such as the history of income and loss, whether losses are due to circumstances beyond control, and the taxpayer's financial status are considered.

Which of the Following Is Not a Factor That the IRS