Just got the new RWR today. For those who don't know, that is the monthly(?) magazine from RWA. There is an article starting on page 10 you all should read. Especially the part called "Battle Weapons: Recordkeeping and Proving Profit Motive". Read it, cut it out, laminate it, and stick it up on the wall above your computer. Every time you feel like getting lax with your recordkeeping, read it again. Another important thing to note: the IRS conceded in her case. They did not lose in court. Therefore there is no official record of the case, and it could not be used to justify your position if the IRS comes calling. And if you have friends who don't belong to RWA, be a friend and make them a photocopy.
I'm a CPA who has been doing taxes for 35+ years, and I know whereof I speak.
MM
I'm a CPA who has been doing taxes for 35+ years, and I know whereof I speak.
MM
