Assume that Jill is engaged in painting as a hobby. During the year, she earns $1,000 from
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Assume that Jill is engaged in painting as a hobby. During the year, she earns $1,000 from sales of her paintings and incurs $1,300 expenses for supplies and lessons. Jill’s salary from her job is $70,000. What is the tax treatment of the hobby income and expenses?
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The 1000 income from the hobby is included in Jills gross income Since hobby expenses ...View the full answer
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Related Book For
Federal Taxation 2018 Comprehensive
ISBN: 9780134532387
31st Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
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