Hobby loss
I have a client with a business. We have decided to call it a hobby. I know the rules, but is there somewhere in ProSeries where you can check a box for this? Thank you for your help.
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Charlotte256
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02/18/11 2:24pm PST
You cannot take a loss on a hobby. The income is reported on Form 1040 Line 21 and the expenses on Schedule A Miscellaneous expenses subject to 2%.
When anyone doing nothing needs help, I will gladly help that person do nothing.
dhhcpa
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ArchieLeach
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There is no one single place. Use Other Income Statement, Line 16, and Other Misc Ded Wksht, Line 22.
Morons. I've got MORONS on my team. Nobody is going to rob us going DOWN the mountain. We have got no MONEY going DOWN the mountain. When we HAVE GOT the money, goin' back UP the mountain, THEN you can sweat.
