Based on the information provided, could additional information be included?

The hobby loss rules apply if the activity is not engaged in for profit. To determine whether an activity is profit-seeking or is a true hobby the list below of factors are analyzed along with the circumstances of the activity.

• Whether the activity is conducted in a businesslike manner.
• The expertise of the taxpayers or their advisers.
• The time and effort expended.
• The expectation that the assets of the activity will appreciate in value
• The taxpayers previous success in conducting similar activities.
• The relationship of profits earned to losses incurred.
• The financial status of the taxpayer (e.g., if the taxpayer does not have substantial amounts of other income, this may indicate that the activity is engaged in for profit).
• Elements of personal pleasure or recreation in the activity.