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 · Accepted solution]

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. 

[xmasbaby0]

https://ttlc.intuit.com/turbotax-support/en-us/help-article/taxation/report-hobby-income/L62QCBC52_U...

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