Queen Creek, Arizona
22721 S. Ellsworth Rd. Suite 106
Queen Creek, AZ 85142
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Hobbies and Income Tax October 27, 2016

Queen Creek, Maricopa
Hobbies and Income Tax, Queen Creek, Arizona

Millions of U.S. taxpayers engage in hobbies such as collecting stamps or coins, refurbishing old cars, making crafts, painting or breeding horses, and the list goes on.

Some hobbies will actually generate income, and some will even evolve into businesses. The tax treatment of hobbies with income is quite different than that of a trade or business, and making the distinction can be rather complicated. The main issue here is that the IRS does not want taxpayers to write off hobby expenses under the guise of trade or businesses expenses.
 

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