KochuK
Employee Tax Expert

Self employed

Hi The Mitchman,

Beginning in 2018, the IRS doesn't allow you to deduct hobby expenses from hobby income. you must claim all hobby income and are not permitted to reduce that income by any expenses.

 

For hobby expense deduction, unless you can itemize deductions on Schedule A, it is not helpful.

https://turbotax.intuit.com/tax-tips/self-employment-taxes/4-tax-tips-for-money-making-hobbies/L89qz...

https://ttlc.intuit.com/community/taxes/discussion/how-do-i-declare-hobby-income/00/765831

 

Thanks.

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