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Author: DaveFazio Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121182  
Subject: Re: self employment vs. hobby Date: 3/5/2001 12:35 PM
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If you have a hobby loss, your related expenses are miscellaneous itemized deductions subject to 2% of your AGI.
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Actually, per p. 92 of IRS Publication 17, "Losses from a hobby are not deductible from other income. A hobby is an activity from which you do not expect to make a profit." Quote, unquote: "not deductible."

--BigBunk


Actually, if you check out p. 196 of Pub 17 (sorry, I only have the 1999 version -- the page number may have changed, but the rule did not), you can deduct hobby expenses up to hobby income as a 2% of AGI itemized deduciton.

--Dave

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