Sena
New member
What is the IRS hobby rule?
Key Takeaways. A hobby loss refers to any loss incurred while a taxpayer conducts business that the IRS considers a hobby. The IRS defines a hobby as any activity undertaken for pleasure rather than for profit. Income derived from all sources, including hobbies, must be reported to the IRS.
Key Takeaways. A hobby loss refers to any loss incurred while a taxpayer conducts business that the IRS considers a hobby. The IRS defines a hobby as any activity undertaken for pleasure rather than for profit. Income derived from all sources, including hobbies, must be reported to the IRS.