Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

hobby loss

Read a random definition: fairness doctrine

A quick definition of hobby loss:

A hobby loss is when someone spends money on an activity they do for fun, not to make money. This loss can be taken off their yearly income for tax purposes. The IRS says a hobby is something done for enjoyment. However, hobby losses cannot be deducted in the same way as business expenses.

A more thorough explanation:

A hobby loss is a type of loss that occurs when an individual engages in an activity that is not intended to generate a profit. This type of loss can be deducted against annual income, but it is not tax deductible in the same way that business expenses are.

According to the Internal Revenue Service (IRS), a hobby is an activity that is done for enjoyment rather than for profit. Examples of hobbies might include things like painting, playing music, or collecting stamps.

For example, let's say that John enjoys woodworking and spends a significant amount of time building furniture in his garage. While he occasionally sells some of his pieces, he does not rely on this income to support himself. In this case, any losses that John incurs from his woodworking hobby would be considered hobby losses and could be deducted against his annual income.

It is important to note that there are certain rules and limitations surrounding the deduction of hobby losses. For example, the IRS may scrutinize deductions for hobby losses more closely than other types of deductions, and individuals may need to demonstrate that they have made a good faith effort to turn their hobby into a profitable business in order to qualify for the deduction.

hit and run statute | hold harmless

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
LSD+ is ad-free, with DMs, discounts, case briefs & more.