Taxes & Hobbies (Reefing)

[thewackyreefer]

So for the first time I'm itemizing my taxes and I noticed there is a section to itemize your "hobbies". As far as I can tell reefing is considered a "hobby" as I'm not making an income off it and I should be able to deduct what I've spent for the year. Am I missing something here? This just doesn't seem, well, possible. Any tax experts out there?

 

[kuyatwo]

Only can deduct if you made income from the hobby.

 

[thewackyreefer]

Only can deduct if you made income from the hobby.

Does that include just selling frags? I've sold some frags throughout the year...

 

[kuyatwo]

http://www.ehow.com/i/#article_2183916

 

[kuyatwo]

Can only deduct to the amount you made is my understanding. Me personally don't deduct to much or could be red flag for IRS to look at your deductions closer

 

[thewackyreefer]

Thanks for the article, I didn't come across that one in my search! I think you're right based on what I'm reading, can only deduct up to the amount you made.

 

[kuyatwo]

If you are selling alot of corals might look at starting it as a business then you can write stuff off. Ie renting to your self and electricity from what i was told