topic For 2023 my wife's side business'/hobby will generate over the $500 income threshold - can I then deduct expenses for that hobby ( income )? in Get your taxes done using TurboTax

For 2023 my wife's side business'/hobby will generate over the $500 income threshold - can I then deduct expenses for that hobby ( income )?

ericbiegler — Tue, 24 Feb 2026 07:24:37 GMT

Re: For 2023 my wife's side business'/hobby will generate over the $500 income threshold - can I then deduct expenses for that hobby ( income )?

NCperson — Wed, 13 Sep 2023 17:45:10 GMT

is this a hobby or a for-profit business -

you can deduct expenses either way, but if it is a hobby, the loss is not deductible.

please read below

https://www.irs.gov/pub/irs-news/fs-08-23.pdf

There is no $500 threshold. All income must be reported, no matter how small it is.

Re: For 2023 my wife's side business'/hobby will generate over the $500 income threshold - can I then deduct expenses for that hobby ( income )?

xmasbaby0 — Wed, 13 Sep 2023 17:47:15 GMT

https://ttlc.intuit.com/turbotax-support/en-us/help-article/taxation/report-hobby-income/L62QCBC52_US_en_US?uid=lmi18vhw

You posted your question from a version of online Live software. If you are really using that “Live” software you can get help from your “expert.”

You are posting from TurboTax Live. You can arrange for the Live help you are paying the extra fee for with your questions from 5 a.m. to 9 p.m. Pacific time.

https://ttlc.intuit.com/questions/4124827-how-do-i-connect-with-a-tax-expert-in-turbotax-live