There are a few reasons why hobby losses do not offset hobby gains. The first reason is that the IRS does not allow taxpayers to offset hobby losses against other income. The second reason is that hobby expenses are not deductible...
Continue reading...hobby losses offset
Which Tax Law Authority Addresses Hobby Losses
In the United States, tax laws are set by the Internal Revenue Service (IRS). The authority on tax law regarding hobby losses is IRS Publication 535, Business Expenses. This publication addresses the question of when an activity is considered a hobby,...
Continue reading...