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Business & farm
Thank you for the response! It was very helpful!
I guess its not really a new law, but I was referring to the one in 2018 that doesn't allow deducting hobby expenses.
I am getting hung up on the hobby vs business. The factors listed by IRS make it sounds like I need to depend on it for my livelihood which is far from the truth. I'll profit some, but this will never be what I rely on. My hobby/business has generated 1300 sales since May which seems like it'd easily be classified as a business except for the livelihood factor.
This will be for 2023 that will file next year.
‎October 28, 2023
10:32 AM