There are lots of people who enjoy hobbies that are also a source of their income.
Some examples include stamp collection, coin collections, craft making, and horsemanship.
You must report on your tax return all of the income that you earn from your hobby. The rules of how you report your income and expenses depend on whether the activity is considered a hobby or a business. There are special rules and limitation for deductions that you can claim for a hobby. Here are four tax tips you should know about hobbies:
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| Stamp Collection |
Some examples include stamp collection, coin collections, craft making, and horsemanship.
You must report on your tax return all of the income that you earn from your hobby. The rules of how you report your income and expenses depend on whether the activity is considered a hobby or a business. There are special rules and limitation for deductions that you can claim for a hobby. Here are four tax tips you should know about hobbies:
