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?
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