Peter is an artist. He is single. He had a salary from a job of $48,000. He

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Peter is an artist. He is single. He had a salary from a job of $48,000. He takes the standard deduction. This year he had revenue from sales of his photos of $2000. He had the following expenses. Assuming he itemizes his deductions and that the IRS classifies the sale of photos as a hobby. Rental of space at art gallery $1500 Supplies $800 Since Peter cannot deduct a loss from the hobby, his AGI is $48,000.

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True/ False