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Financial Planning / Tax Strategies


Subject:  Re: Deductible Hobby Expenses? Date:  3/14/2001  12:18 AM
Author:  WPatch Number:  48369 of 127611

Hobby expenses are only deductible to the extent of hobby income.

Your income is the gain from selling the second horse. Since your gain is less than your total expenses in 2000 you may deduct only the amount of the gain, as a miscellaneous deduction subject to the 2% of AGI deduction.
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