Go BottomHow many show a profit on their Schedule F
 | Chief
Join Date: Jul 2003 Posts: 4297 Southwest MiddleTennessee 
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2003-06-01 56171
When filing their income tax return. I always seem to come up with more dedection and depreciation than income. I have been told by others that eventually the IRS expects you to show a profit and not just show a loss every year? Anymore it seems like you are lucky just to break even? Any comments or suggestions appreciated.
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 | plots1
Join Date: Jul 2003 Posts: 563 mo 
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2003-06-01 56182
You have up to 5 years to claim total loss. then i think they start looking a little closer. As long as you are making some sort of income I don't think there is a lot they can do. ....
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| plots1
Join Date: Jul 2003 Posts: 563 mo
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2003-06-01 56183
Are you selling tobacco? ....
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| Chief
Join Date: Jul 2003 Posts: 4297 Southwest MiddleTennessee
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2003-06-01 56186
Right now I am leasing the tobacco allotment out. ....
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 | Misenplace
Join Date: Jul 2003 Posts: 875 Michigan 
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2003-06-02 56229
Chief, according to my advisors Plots is right as a general answer but if you have your proofs for loss this should not interefere with your CPA getting your schedules done accureately. They real key is to use a VERY reliable firm if you are going to post losses for a number of consecutive years as that at least in theory slows audits. ....
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