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This article was published by the IRS. A hobby is any activity that a person pursues because they enjoy it and with no intention of making a profit. People operate a business with the intention of making a profit. Many people engage in hobby activities that turn into a source of income. However, determining if that [...]
This article was published by the IRS. Whether it's something they've been doing for years or something they just started to make extra money, taxpayers must report income earned from hobbies in 2020 on next year's tax return. What's the difference between a hobby and a business? A business operates to make a profit. People engage [...]
This article was published by the IRS. Many people are engaged in hobby activities that are also a source of income. For example, some people started selling handmade items during the pandemic. These people must report this income on their tax return. A hobby is any activity that a person pursues because they enjoy it and [...]
