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  2. Internal Revenue Code section 183 - Wikipedia

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

    For a hobby (an activity not engaged in for profit), income and expenses are listed separately. The income is included on line 21 of the Form 1040 (Other income). Therefore, the hobbyist is required to file the long form, Form 1040 (as the other Forms 1040A and 1040EZ have no lines to include "other income").

  3. Treasury Regulation 1.183-2 - Wikipedia

    en.wikipedia.org/wiki/Treasury_Regulation_1.183-2

    Prieto provides an excellent example of the Tax Court's considerations and methods in balancing the factors listed in Treas. Reg. 1.183-2(b) and outlined in this article above. The case reveals the ambiguity of many of the factors contained in this provision, as well as the importance of the treasury regulation in considering hobby activities.

  4. What Is the Tax Cuts and Jobs Act (TCJA)? - AOL

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    Removed most miscellaneous itemized deductions (including hobby losses, tax preparation fees and job-related educational expenses like training) $10,000 limit on the state and local income tax ...

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

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  6. How to deduct stock losses from your taxes - AOL

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    For example, if you have a $20,000 loss and a $16,000 gain, you can claim the maximum deduction of $3,000 on this year’s taxes, and the remaining $1,000 loss in a future year. Again, for any ...

  7. Tax-deductible loss - Wikipedia

    en.wikipedia.org/wiki/Tax-deductible_loss

    To qualify, the loss must not be compensated by insurance and it must be sustained during the taxable year. If the loss is a casualty or theft of personal property of the taxpayer, the loss must result from an event that is identifiable, damaging, and sudden, unexpected, and unusual in nature, not gradual and progressive.

  8. IRS tax forms - Wikipedia

    en.wikipedia.org/wiki/IRS_tax_forms

    As of the 2018 tax year, Form 1040, U.S. Individual Income Tax Return, is the only form used for personal (individual) federal income tax returns filed with the IRS. In prior years, it had been one of three forms (1040 [the "Long Form"], 1040A [the "Short Form"] and 1040EZ - see below for explanations of each) used for such returns.

  9. 8 Common IRS Tax Audit Triggers - AOL

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