The Internal Revenue Service (IRS) states that the general rule is that an activity is a hobby if you do it for pleasure and not for profit. However, there are instances when an activity can be both a hobby and a...
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What Are Hobby Loss Rules
The hobby loss rules are a set of tax laws that govern how taxpayers can deduct losses from their hobbies. Generally, taxpayers can only deduct hobby losses if they can prove that the activity is engaged in for profit. There are...
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