I concur in part. In a "hobby", expenses are no longer deductible to the extent of income, as you said,
I did not say that. I said expenses not deductible beyond the extent of income (a hobby can generate a taxable profit but not a deducible loss).
For example, if you had both a business and a hobby and the hobby had a loss, your income from both of these would be the income (or loss) from the business. but if you had two businesses and one of the businesses had a loss, your income from both would be the income (or loss from the second) minus loss from the first.
In other words, the hobby is treated separately from your other income and its expenses are only deductible from its income. The income from a hobby is positive or zero.
Michael D Novack _______________________________________________ gnucash-user mailing list [email protected] To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
