Quote:
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Originally Posted by Emperor Ump
Check with your tax professional. My CPA has me claim my baseball income as "hobby income" with a much lower tax rate than self employment. But when claiming "hobby income" you cannot take deductions. In my situation it works out better. YMMV
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YOU might not be able to take deductions from your hobby income based on your situation, but...
If the third sentence of your quote were a T/F question on a tax exam, the correct answer would be "F".