As a CPA let me assure you that it is NOT legal to deduct prostitutes' and strippers. I know that the news about Hunter Biden got your hopes up and I wanted to help you avoid ugly audits.
i'm not a CPA but if this is about deducting hobbies, then my understanding is those hobbies have to be incoming generating which our type of hobbying does not.
Quote from: dogwalker on Jun 28, 2023, 09:43 AMi'm not a CPA but if this is about deducting hobbies, then my understanding is those hobbies have to be incoming generating which our type of hobbying does not.
Amen to that!
So no happy ending for my taxes. :o ;D
unless you accept the potential consequences of a failed audit. The IRS definition of a hobby is way different than ours.
Can we deduct it as a loss?
...asking for a friend
im not looking for a lady, im just looking for a friend...
no because I'd guess it would have to be a business / revenue loss (again with the disclaimer I am not a CPA)