your hobby losses

How To Report Hobby Losses

Everyone has hobbies. Whether it’s fishing, hiking, or playing video games, hobbies can be a fun and rewarding way to spend free time. But what happens when those hobbies turn into a money-losing proposition? If you’re like most people, you probably...

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How To Report Hobby Income Loss

In the United States, taxpayers are allowed to deduct hobby expenses up to the amount of hobby income. This means that if you have more expenses related to your hobby than income, you can deduct the excess amount on your tax...

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