Hobby vs. Business
This handout explains the deduction limitation for activities that are considered a hobby. The handout lists the factors that may determine whether an activity is a hobby or a business.
Determination of activities as a hobby or business.
Presumption of profit.
Reporting hobby income and expenses.
Activities which are generally not engaged in for profit.
CLIENTS WHO MAY BENEFIT:
Taxpayers who want to take a tax loss as a business.
Taxpayers who wish to document activities as business activities.