I'm going to have to read that publication. I am selling household items on eBay and think I would be considered a hobbiest. Sales will be less than 4k this year - and only if I were to sell a lot in 4th quarter. Can anyone recommend a VERY introductory guide to hobby and small business taxes in the US? I always use a "tax guy" in March, but if I can read and learn and avoid doing something incredibly short-sighted, that would be a good start
On Tue, Oct 1, 2024, 11:24 AM Chris Miller via gnucash-user < [email protected]> wrote: > Hi Michael, > > >> 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). > > Wow! I constructed a spectacularly ambiguous statement! Actually, it is > not even ambiguous at all; it is just wrong. The scope of, "as you said", > was intended to cover only the phrase, "deductible to the extent of > income", but given the way I wrote that line, everybody will read, "... > expenses are no longer deductible to the extent of income, ...". I > certainly did not intend any misrepresentation. > > It appears that Google has mislead me. I was "informed" that hobby expense > deductiblity changed in 2018. Apparently I was misinformed. You are > correct. As of 2022, Hobby expenses *are* deductible to the extent of hobby > income. IRS Pub 535, 2022, Page 7, Not-for-Profit Activities. > -- > Chris. > > V:916.799.9461 > F:916.974.0428 > A: Because we read from top to bottom, left to right. > Q: > Why should I start my reply below the quoted text? > _______________________________________________ > 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. > _______________________________________________ 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.
