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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. 5 tax mistakes made by baby boomers - AOL

    www.aol.com/article/2016/02/12/5-tax-mistakes...

    Thinking Your Hobby Is a Business If you have a business that never makes any money, watch out for this mistake. Boomers are frequently guilty of running afoul of IRS "hobby loss" rules.

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

    www.aol.com/news/2008-04-09-tax-tips-is-it-a...

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

    www.aol.com/news/navigating-fine-line-between...

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  6. Tax deduction - Wikipedia

    en.wikipedia.org/wiki/Tax_deduction

    Form 1040 (individual tax return), Schedules C (business) and E (rental) Form 1065 (partnership return of income), page 1, and Schedule K; Form 1120 (corporation tax return), page 1; Form 2106 (employee business expenses) Form 4562 (depreciation and amortization) Form 4797 (gain or loss on business assets) Form 8825 (rental realty income) India:

  7. Income tax on gambling - Wikipedia

    en.wikipedia.org/wiki/Income_tax_on_gambling

    The service argued that Section 165(d) precluded the taxpayer from engaging in gambling as a "trade or business." [4] The Tax Court held that the taxpayer's gambling was a business activity and allowed the deductions. In essence, the court held that Section 165(d) only applies when a taxpayer is at a loss instead of a net gain and “serves to ...

  8. Tax-loss harvesting: How to turn investment losses into ... - AOL

    www.aol.com/finance/tax-loss-harvesting-turn...

    Tax-loss harvesting is the process of writing off the losses on your investments in order to claim a tax deduction against your ordinary income. To claim a loss on your current year’s taxes, you ...

  9. Business and occupation tax - Wikipedia

    en.wikipedia.org/wiki/Business_and_occupation_tax

    The business and occupation tax (often abbreviated as B&O tax or B/O tax) is a type of tax levied by the U.S. states of Washington, West Virginia, and, as of 2010, Ohio, [1] and by municipal governments in West Virginia and Kentucky. [2] It is a type of gross receipts tax because it is levied on gross income, rather than net income.

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