"Hobby Expense" Tax Deduction

B

Bob Lyon

Joined
Aug 11, 1999
Messages
69
As I was wading through Turbotax, I came across a deduction for hobby expenses. Hmm.
Any nonprofessional knifemaker out there ever use this deduction or know much about it?
Maybe next year I can deduct those new belts and the drill press I just got.




[This message has been edited by Bob Lyon (edited 04-07-2001).]
 
You might check the IRS website, I found them by doing a search on IRS. You have a new one on me. Think they have some rule on deducting business expenses limited to 3 years to prevent ongoing hobby deductions but their rules change all the time and so do interpetation by the IRS. Good luck.

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ColoradoBoy
 
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