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ceruleanskyl1ght
New Member

Does hobby income need to be reported on taxes if no profit is being made (as in, it produces a net loss)?

 
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Zbucklyo
Level 9

Does hobby income need to be reported on taxes if no profit is being made (as in, it produces a net loss)?

Yes.  As of 2018, you must declare hobby income, but are not allowed to deduct hobby expenses.

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1 Reply
Zbucklyo
Level 9

Does hobby income need to be reported on taxes if no profit is being made (as in, it produces a net loss)?

Yes.  As of 2018, you must declare hobby income, but are not allowed to deduct hobby expenses.

View solution in original post

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