How the IRS decides if your business is a hobby

Name: How the IRS decides if your business is a hobby
Duration: 52 s
Description: If you lose money for years, the IRS may call it a hobby and limit your deductions to only the income you made.

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Losing money year after year on your side gig? The IRS might reclassify it as a hobby — and hobbies can't generate deductible losses. TJ explains one of the key factors the IRS uses to make that call and what to look for on your own return.

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