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Hobby Loss

Also found in: Legal

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Hobby Loss

A non-deductible loss incurred as a result of a personal hobby.

Notes:

The loss could possibly be claimed if the activity was "for profit."

See also: Capital Loss, Gambling Income, Gambling Loss, Passive Loss, Realized Loss, Unrealized Loss

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Personal Use Property

Determine whether the activity is possibly subject to the hobby loss limitations.

Starting a business by Ellentuck, Albert B. / The Tax Adviser

There are several hurdles that the shareholders must face before a loss may be used: hobby loss rules (Sec.

Current developments - eligibility, elections and terminations; ... by Karlinsky, Stewart S. / The Tax Adviser

If clients choose the self-employment route the hobby loss rules may need to be considered when a loss results from the activity.

Hobby or hard work? Don't let the IRS decide by Potter, Mary Ellen / The Tax Adviser

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