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  2. Internal Revenue Code section 183 - Wikipedia

    en.wikipedia.org/wiki/Internal_Revenue_Code...

    For a business (activity engaged in for profit), income and expenses are listed on Schedule C (and the net income result carries to line 12 of the Form 1040). All expenses are used, even if they create a net loss. For a hobby (an activity not engaged in for profit), income and expenses are listed separately.

  3. Taxes: What To Know if You Sell on Depop, Poshmark or Other ...

    www.aol.com/finance/taxes-know-sell-depop...

    Whether it's as a hobby, a side hustle or even a full-time business, selling on online marketplaces such as Depop, Poshmark and Etsy is all the rage. Of course, all income earned is income that ...

  4. Income tax on gambling - Wikipedia

    en.wikipedia.org/wiki/Income_tax_on_gambling

    If the gambling activity can be considered as a hobby, the income is not taxable. [7] If the gambling is carried out in businesslike behaviour, then the income is taxable and losses deductible. Making approximately $50 million in sports lottery bets and earning a profit of $5 million was not considered businesslike behaviour in Leblanc v. The ...

  5. Heads up to anyone who is a freelancer, independent contractor, business owner, property renter or just a hobbyist who occasionally sells their creations: If you accept business-related income ...

  6. Tax Tips: Is it a hobby or a business? - AOL

    www.aol.com/.../tax-tips-is-it-a-hobby-or-a-business

    You've started a little enterprise in your garage or spare bedroom. And now it's tax time and you're ready to reduce your taxes by taking a whole bunch of deductions for this "business." Stop ...

  7. Internal Revenue Code section 162 (a) - Wikipedia

    en.wikipedia.org/wiki/Internal_Revenue_Code...

    The United States Supreme Court held that "to be engaged in a trade or business, the taxpayer must be involved in the activity with continuity and regularity and that the taxpayer's primary purpose for engaging in the activity must be for income or profit. . . . A sporadic activity, a hobby, or an amusement does not qualify."

  8. Navigating the fine line between business and hobby - AOL

    www.aol.com/lifestyle/navigating-fine-line...

    This article provides an overview of the Hobby Loss Rule.

  9. Taxation of illegal income in the United States - Wikipedia

    en.wikipedia.org/wiki/Taxation_of_illegal_income...

    Taxation of illegal income in the United States arises from the provisions of the Internal Revenue Code, enacted by the U.S. Congress in part for the purpose of taxing net income. [1] As such, a person's taxable income will generally be subject to the same federal income tax rules, regardless of whether the income was obtained legally or illegally.

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