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New Member
posted Jun 4, 2019 5:19:02 PM

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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Level 9
Jun 4, 2019 5:19:04 PM

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

1 Replies
Level 9
Jun 4, 2019 5:19:04 PM

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