Is That a Deductible Business Loss Or Non-Deductible Hobby Loss?

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Many of us might have a sideline business where we are able to eke out some money. In some years we might lose money when our expenses exceed our earnings. Then, we might assume we could deduct such losses. Unfortunately, it is not as simple. In fact, if the IRS designates our sideline business as a hobby not a business, then we cannot deduct losses exceeding our revenues in that year.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Doron Eghbali, Law Advocate Group, LLP | Attorney Advertising

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