Tax Court Win for Artists and Moonlighters: How to Deduct Your Losses Against Other Income

The US Tax Court issued an opinion that I think should be considered a win for artists and moonlighters everywhere. Crile V. Commissioner, T.C. Memo. 2014-202. Generally IRC section 183 acts to disallow taxpayers from claiming losses from activities “not engaged in for profit.” It provides a safe-harbor for activities where income exceeds deductions for […]