IRS Form 5213, Election to Postpone Determination as to Whether the Presumption Applies that an Activity Is Engaged in for Profit is the document you complete to ask to postpone the determination of profitability of your business. The form can be completed by individuals, estates, trusts, and S corporations. The election made on this form allows you five years to show a profit from your activity. You have seven years to show a profit if you are engaged in breeding, showing, training, or racing horses.
The form is issued by the Internal Revenue Service (IRS) with the most recent revision of the form released in February 2006. Download the latest version of the fillable IRS Form 5213 through the link provided below.