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 Re: must make profit 3 out of 5 years
Posted by Luckydog on 2/23/21 7:19am

The best thing is to pay your $500+ and seek a valued professional CPA and not Turbo Tax or H&R Block and get them done correctly. Just like anything in life you get what you pay for, and my tax man saved me thousands in the 20 years I have been using him. This year though I know I will be paying in and my son out of college the majority of 2019, which was a huge deduction. I am a homeowner now, so that will help vs renting.
I agree writing off-hand sanitizer and petty petty nickel and dimes looks crazy and will get you red-flagged.
So far we are all here and none of us went to jail making our fortunes or our working our hobby. My taxes are pretty straightforward as I do not engage in any GNW, so it's all right there on the 1099 and my spreadsheet unlike some who take cash on the side on a daily basis.
Good luck everyone!
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