How long can I report losses?

[Shutterbug]

I started a photography business from my home 4 years ago. As a nature/ outdoor photographer I had hoped to sell prints, calendar shots, greeting cards, etc. through art galleries & through my web site. I have found out how difficult this is. Over the last three years I have not been able to show a profit. I am preparing my taxes for the 4th year of business and am still coming up with a loss. My question is; How should I proceed? It sounds like I have about three choices. I can; 1) Report the loss for the 4th year & hope the IRS doesn't question my expenses. 2) Report only the income and not the expenses to avoid showing a loss. 3) Dissolve my business & start over. Or as a 4th choice, should I file form 5213, which, if I understand it correctly, will buy me some time (Two or three years?) in which to show a profit. (While I am still hopeful, there is no guarantee that profits will come). I really don't want to do anything to trigger an audit that would disallow any legitamit expenses that I have deducted in the past. It seems I'm caught between a rock & a hard place here! Any advice or opinions would be appreciated!

[rebeccasexy]

Portfolios are living proof of your work to attract clients. Before you look for clients, make sure you have a promising portfolio. Many people will be more interested in seeing examples of your work, rather than just verbal promotions.

This portfolio can be a benchmark for your photo type or style for others. So, when your client starts asking for something weird, you have good reason.

[aldyteww45]

you are talking about you started a photography business from my home 4 years ago, i have no knowledge about
sorry for that

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Animation Notes

[booxingcomponents]

You can write off up to $3,000 worth of short-term stock losses in any given year.

[dharsubho627]

You have to pay your due tax.

[MMPR]

The IRS will just permit you to guarantee misfortunes on your business for three out of five duty years. On the off chance that you don't show that your business was gainful longer than that, at that point the IRS can deny you from asserting your business misfortunes on your duties.

[amelyjcob]

How many years can I take a loss on my business? The IRS will only allow you to claim losses on your business for three out of five tax years. If you don't show that your business was profitable longer than that, then the IRS can prohibit you from claiming your business losses on your taxes

[Lilykevin86]

In the event that your business guarantees an overal deficit for an excessive number of years, or neglects to meet other To decide whether your business is an interest, the IRS takes a gander at various components, including the accompanying: Reporting Self-Employment Business Income and Deductions.

[Jokel]

I agree too

[raviseo121]

thanks for sharing with us