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<blockquote data-quote="softtail103" data-source="post: 2451114" data-attributes="member: 18466"><p>You can add your calculation to you tax return showing that you paid taxes on your net profit from the sale. I have had the displeasure of a audit. It is their responsibility to prove that you are not paying your taxes correctly. Only give them what they ask for. Volunteer nothing. 11 hours of total audit time. My net payment for a 3 year period of the audit was $966.13. This is a body shop company with 3 shops and 7 million in revenue. Any person or business will fail most audits. The $966.13 pertained to a company that I hired to pressure wash the parking lots that didn't have a business license. They ruled that the payment could not be written off and there for considered it unreported income for me. Just don't try to write off they loss on the gun. This turns into a red flag for the Hobbie rule.</p></blockquote><p></p>
[QUOTE="softtail103, post: 2451114, member: 18466"] You can add your calculation to you tax return showing that you paid taxes on your net profit from the sale. I have had the displeasure of a audit. It is their responsibility to prove that you are not paying your taxes correctly. Only give them what they ask for. Volunteer nothing. 11 hours of total audit time. My net payment for a 3 year period of the audit was $966.13. This is a body shop company with 3 shops and 7 million in revenue. Any person or business will fail most audits. The $966.13 pertained to a company that I hired to pressure wash the parking lots that didn’t have a business license. They ruled that the payment could not be written off and there for considered it unreported income for me. Just don’t try to write off they loss on the gun. This turns into a red flag for the Hobbie rule. [/QUOTE]
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