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.
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