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hobby loss

   Also found in: Financial 0.01 sec.

hobby loss n. in income tax, a loss from a business activity engaged in more for enjoyment than for profit, which can be deducted against annual income only.



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Nevius, editor-in-chief The Tax Adviser Also look for articles on the following subjects in the November 2009 issue of The Tax Adviser: * Aggregating activities to avoid the hobby loss rules.
For example, note that it is important to consider basis issues, the effect of the at-risk rules, the passive activity rules, and the hobby loss rules.
The Tax Court disallowed an IRS auditor's deductions for breeding greyhounds as a hobby loss.
 
 
 
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