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Self employed
Hello Fewdevil,
Yes, you can still file a schedule C and deduct the expenses. You just need to make sure you are still running it as a business and the IRS doesn't consider it hobby income.
The IRS safe harbor rule is that if you have turned a profit in at least three of five consecutive years, the IRS will presume that you are engaged in it for profit and it is a business.
Here is a link on how the IRS classifies hobby income versus business
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‎October 27, 2021
9:42 AM
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