Yes, the full $5000 would be taxable hobby income.
Prior to 2018, you could deduct your hobby expense as Miscellaneous Deductions, but that entire category of deductions was eliminated with the Tax Cuts and Jobs Act.
Your only option to deduct your expenses, would be to file a Schedule C and treat your hobby as a business.
If you want to report it as a hobby, please follow Colleen D's instructions above.
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