Does anyone know of some good cases involving not "underemployment", but using self-employment to reduce line 150 income.
Here's the situation: X works at a very good job, earning over 100k. Being a trades person, he also works "side jobs" on days off and weekends which he has considered self-employment business income since we split.
His "business" has shown a loss for the 3 years he has been in "business" (as his income from his other job increased, his self employment losses increased too - what are the chances?!). Eg. His business showed a 10,000 loss, which lowered his line 150 by 10,000, yet he received a $10,000 tax refund.
I guess my questions are:
Are there some cases out there where an employment income was imputed and business losses were struck?
Or. Does anyone know how long a person's "business" can show a loss before the government says "enough?" Or can this carry on until he shows no line 150 income at all?! Lol.
Here's the situation: X works at a very good job, earning over 100k. Being a trades person, he also works "side jobs" on days off and weekends which he has considered self-employment business income since we split.
His "business" has shown a loss for the 3 years he has been in "business" (as his income from his other job increased, his self employment losses increased too - what are the chances?!). Eg. His business showed a 10,000 loss, which lowered his line 150 by 10,000, yet he received a $10,000 tax refund.
I guess my questions are:
Are there some cases out there where an employment income was imputed and business losses were struck?
Or. Does anyone know how long a person's "business" can show a loss before the government says "enough?" Or can this carry on until he shows no line 150 income at all?! Lol.
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