Thread: Tax Season
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Old Sat Feb 06, 2016, 04:02pm
scrounge scrounge is offline
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Join Date: Dec 2012
Location: Central Ohio
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Be *VERY* careful before deciding to switch to hobby/non-profit classification. One aspect that isn't talked about in that linked document that discusses business vs hobby tests is that hobby expenses are deductible on Schedule A, if you itemize. However, they are classified as miscellaneous deductions and therefore only deductible if they and all other miscellaneous deductions in total are in excess of 2% of your Adjusted Gross Income (AGI). If the total isn't in excess of 2% AGI, then you don't get to deduct it.
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