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Thanks for the answer Peter. This is how I read the guidelines also, but I wanted to make sure.

Can someone explain the logic of why these expenses are subject to the 2% AGI floor? To illustrate, lets suppose I have a hobby that I break even on. Expenses, although significant, are less than 2% AGI. Now, all of a sudden, I'm in the hole big time because of taxes on a non-existent profit.

Why can't they be treated like charitable deductions that aren't subject to the AGI floor?

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