Hobby Loss Rules
Posted: Mon Mar 10, 2014 9:46 pm
Link:
The hobby loss rules are only cited when an audit finds continuous losses from what a citizen claims is a "business". It is not the trustee's job to try to increase taxes. Who is the trustee?
In the alternative is the trustee claiming, say in a 13, that the debtor could pay the debtor's creditor's more if the debtor stopped the "hobby?". A 13 trustee is supposed to make sure the debtor is giving the debtor's best effort. Continuing the continuous loss hobby, may be the opposite of "best efforts."
If it is a 13 trustee, I would tread lightly, as not many of our judges would allow a debtor to continue losses to the detriment of the debtor's creditors.
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Dennis McGoldrick, 350 S. Crenshaw Bl., #A207B, Torrance, Ca 90503 310-328-1001-voice
> On Mar 9, 2014, at 6:49 PM, Link Schrader wrote:
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> A trustee is pointing to the IRS Hobby Loss Rules as a reason for a chapter 13 debtor to pay a larger plan payment. I have found the IRS rule, but does anyone know a bankruptcy decision that has cited this rule? Thank you,
> Link Schrader, Attorney
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