Business expenses and investment expenses

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Reference no: EM131719471

1. What is the difference between how Business Expenses and Investment Expenses are deducted by Individuals?

2. Please compare and contrast IRC Sections 162 and 212.

3. What records should a taxpayer be able to provide the IRS to substantiate a tax deduction?

4. Diane owns and manages a successful clothing store in Dallas. She and her brother, Cameron, investigated the possibility of opening another store in Atlanta for Cameron to manage. Diane and Cameron each paid $1,600 in travel costs while looking for sites for the store. Each paid $300 in legal fees for a lawyer to compile a list of zoning regulations and other relevant city ordinances. They decide that it is not feasible to open a new store at the present time. Can Diane and Cameron deduct their business investigation expenses? Explain.

5. Hobby losses: What factors differentiate a hobby from an active business?

6. Hobby losses: What factors differentiate a hobby from an active business?

Reference no: EM131719471

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