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LSDefine

Simple English definitions for legal terms

hobby loss

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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.

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18:41
I think I just wouldn’t reach out and if they ask for them then say that
Dkk
18:41
@tgm Yeah sounds good, say that if they ask
18:47
hey yall
18:47
im premed idk why im here
18:48
we’re like cool and sexy and fun I get it
18:48
true i love ur user
18:49
thank you my little crow friend
Dkk
18:50
Med law easy done
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
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