If I lose money every year, do I still need to report hobby income using Form 1099-MISC hobby income?
Regarding 1099-MISC hobby income, report hobby income on your Form 1040 as “Other income.” A hobby is an activity that has no expectation of a profit.
You can only deduct hobby expenses up to the amount of hobby income you received. If you itemize, report the deductions on Schedule A. The deductions are subject to the 2% limit. You can’t claim a loss from a hobby.
If you need to complete a W-9 tax form, you may be asking what it’s used for and why it’s needed. We explain the purpose and use of an IRS W-9 form.
Most Forms 1099-G are received for unemployment compensation or from state or local income tax refunds. Learn more from the tax experts at H&R Block.
Think it's too late to make a difference on this year's tax return? Think again! Learn how to maximize tax deductions and increase your refund with H&R Block.
Donating a qualified vehicle to a charity? Learn how Form 1098-C is used to report the details of your donation and how it affects your deduction.