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Old 01-27-2011, 07:00 PM   #27 (permalink)
raiderguy10's Avatar
Join Date: Sep 2009
Location: Bismarck, ND
Posts: 3,583

No you can't just ignore it. You have to report it. Plus because of the 2 limitations most people can't deduct hobby expenses (at least in full to offset income). Again with a hobby you also cannot generate a loss.
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