- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
Generally, if the IRS classifies your business as a hobby, it won't allow you to deduct any expenses or take any loss for it on your tax return.
If you are selling those items with the intent to make a profit, you can report your income and deduct expenses on Schedule C. If your business is legitimate, keeping accurate and extensive records could help prevent the classification of your business as a hobby.
‎February 20, 2023
11:19 AM