Features
- A hobby is an activity that you enjoy doing for fun.
- A hobby is a regular activity done for pleasure e.g. collecting themed items and objects, engaging in creative and artistic pursuits, playing sports.
- An activity pursued without the expectation of making a profit.
- Losses experienced from a hobby are generally deductible only to the extent they can be used as an offset to hobby income.
- In other words, hobby losses cannot be deducted from other income.
- The IRS assumes an activity is profit driven only if it results in a taxable profit in three of the last five years.
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Details were last updated on Dec 7, 2024 22:33 +08.
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Details were last updated on Dec 7, 2024 22:33 +08.
