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hobby loss
(redirected from Hobby Losses)

    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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Tax laws don’t allow you to deduct hobby losses on Schedule C; however, you do have to report any income earned from your hobbies.
IRS Audit Red Flags: The Dirty Dozen by Joy Taylor, Assistant Editor, / Kiplinger.com
After first discussing the basics of deductions, it covers the following topics: hobby losses, start-up expenses, inventory, home office deductions, travel and entertainment expenses, retirement deductions, and how to stay out of trouble with the ILLS.
Deduct It! by Fink, Philip R. / The Tax Adviser
Since hobby losses are limited to the extent of income, the advantageous position for the client in this situation would be that of a trade or business.
Tax preparers: whose team are they on? by Brody, Richard G.; Masselli, John J. / The National Public Accountant
 
 
 
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