A hobby is an activity that you enjoy doing for fun. A hobby is a regular activity done for pleasure e.g. collecting themed items and objects, engaging in creative and artistic pursuits, playing sports. An activity pursued without the expectation of making a profit. Losses experienced from a hobby are generally deductible only to the extent they can be used as an offset to hobby income. In other words, hobby losses cannot be deducted from other income. The IRS assumes an activity is profit driven only if it results in a taxable profit in three of the last five years.
Manufacturer: Shlok Consulatants
Brand: Shlok Consulatants
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