Business or hobby? The nine factors #hobby loss

http://parrottcpa.blogspot.com/2013/10/business-or-hobby-nine-factors-hobby.html

Business or hobby? The nine factors

The IRS may question taxpayers regarding whether an activity is a business or a hobby. If the activity is not engaged in for profit, it is subject to the hobby loss rules in Sec. 183, and its deductible expenses are limited to the amount of income it generates, further subject to a threshold of 2%

Rebecca Parrott Tatum, CPA

(770) 292-0962
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About parrottcpa

Parrott & Associates, Certified Public Accountants Specializing In Business & Individual Taxes, Accounting & Payroll Located in Cumming, Georgia http://parrottcpa.com/
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