Video Tips: Are Hobby Losses Tax Deductible?

The IRS has hobby loss rules to determine whether an activity is a hobby or a business. Watch this video to learn more.

September 29, 2024

The distinction between a hobby and a business can significantly impact your tax obligations. The IRS has hobby loss rules to determine whether an activity is a hobby or a business. If classified as a hobby, the income generated is taxable, but the expenses incurred are not deductible.

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