View Single Post
Old 01-27-2011, 06:29 PM   #25 (permalink)
raiderguy10
Member
 
raiderguy10's Avatar
 
Join Date: Sep 2009
Location: Bismarck, ND
Posts: 3,133
Default

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
raiderguy10 is offline   Reply With Quote