I talked to Peter J. Reilly, CPA, a 30-year veteran of accounting and a regular contributor for Forbes.com, about hobby loss, a complex rule for many accountants and their clients.

Mr. Reilly has spent years studying and writing about hobby loss cases. Watch this video for a crash course in hobby loss, including income and loss history, the most significant hobby loss cases to read, why you should represent your client when he or she is faced with an audit, and why above all else, you must demonstrate that your client is really trying to make money.

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