Oak View, California. Homefacts City Report. Oak View is located in Ventura County, CA. The population is 4,337. There are 1 public schools in Oak View with an average Homefacts rating of B-. The total crime rate for Oak View is very low, and there are 9 registered sex offenders residing in the city.
If you do not declare the loss and start making profits several years later and then declare the profit, you will lose out on being able to offset the losses against the profits and hence will pay more tax.f you do not declare the loss and start making profits several years later and then declare the profit, you will lose out on being able to offset the losses against the profits and hence will pay more tax.
Just to be clear. If you are claiming your expenses on a Schedule C, the IRS requires you to have an income within 5 years. That is an income, not make a profit. If your royalties are $1,000 but you had $2,000 of expenses, you show a loss of $1,000. That is perfectly acceptable because you did have income for your writing. You can show a loss for as long as you are writing, as long as you have income. I never heard of this whole âhobbyâ classification.