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05-21-2012, 03:46 PM
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#5 |
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Junior Member
Join Date: Mar 2010
Posts: 21
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Re: Help: Self Employ. Tax on Race Purses
The way you have prepared the return the IRS is correct. You should file an amended return reporting the earnings on Schedule C and taking expenses up to the extent of the income. You are making the election that this is a hobby which limits the expenses to the extent of your earnings.
D. Marshall, III CPA |
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