A.G. Kalman wrote:

- quote -

1) Used it ONLY ONCE, in 1989.

2) The IRS never came back and did an "section 183" audit on
the activity.

3) During my IRS days (5.6 years), I NEVER saw one of those
for any taxpayer I had audited.

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A.G. Kalman <glendale202-mtm[at]yahoo.com> wrote:

- quote -

A friend told me that she once filed the form, and a
correspondence audit resulted. "Once burned, twice learned..."
<g
MTW

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A.G. Kalman wrote:

- quote -

I'm familiar with from administration on the IRS end. If a
t/p is not under examination, then there's no reason to file
Form 5213. If IRS is raising a section 183 issue, then
whether Form 5213 accomplishes anything depends upon the
facts of the case. Form 5213 requires IRS to wait until a
certain number of years have elapsed so t/p has the
opportunity to present a profitable operation in a future
year(s). In actual practice on real-world hobby loss
issues, Form 5213 is rarely filed.

Fred F.

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If any of you are familiar with Form 5213 and have used it,
I would be interested in any comments. Form 5213: Election
To Postpone Determination As to Whether the Presumption
Applies That An Activity Is Engaged in for Profit.

--
Alan
http://taxtopics.net

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