Get Answers To Your Tax Questions
H&R Block Tax Professionals relentlessly focus on making sure you profit from every deduction and credit available.
Finding answers to your tax questions is now less taxing.
If I itemize, can I deduct my hobby expenses?
Yes. You can deduct hobby expenses as an itemized deduction on Schedule A. These expenses will be subject to the 2% limitation based on your adjusted gross income (AGI).
Hobby expenses you claim can only be as much as the hobby income you report on Form 1040, line 21. So, you can only reduce your hobby income to $0.