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Old 01-27-2011, 06:42 PM   #26 (permalink)
Join Date: Nov 2009
Location: California
Posts: 4,421

Originally Posted by raiderguy10 View Post
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.
What if I'm considered a hobby but do not wish to claim my losses? Do I just ignore it?
kajshack is offline   Reply With Quote