Blowout Cards Forums - View Single Post

raiderguy10 · 01-27-2011, 06:29 PM

That's all part of it. If you can show you are in it to make $ first you are ok.

Example can't be answered as given. If a business yes the 5,000 is right. If a hobby you can only claim if you itemize. Its aslo subject to 2% AGI limit in addition. If you make 100k that means only the hobby expenses exceeding 2k (18,000 in your example) is deductible.

01-27-2011, 06:29 PM	#25 (permalink)
raiderguy10 Member Join Date: Sep 2009 Location: Bismarck, ND Posts: 3,133 raiderguy100	That's all part of it. If you can show you are in it to make $ first you are ok. Example can't be answered as given. If a business yes the 5,000 is right. If a hobby you can only claim if you itemize. Its aslo subject to 2% AGI limit in addition. If you make 100k that means only the hobby expenses exceeding 2k (18,000 in your example) is deductible. __________________ My HOF PC: http://www.blowoutcards.com/forums/football/187413-my-nfl-hof-collection-27-go-very-scan-heavy.html Need Bidwill, Mara, Carr, Hewitt