March 22, 2024
If you’re an avid hobbyist, know that you might be able to deduct some of the costs related to your hobby.
Originally Published Aug. 6, 2015
Do you collect stamps in your spare time? Are you crazy about action figures or comic books? If you’re an avid hobbyist, know that you might be able to deduct some of the costs related to your hobby.
The Internal Revenue Service has released a few guidelines on what qualifies as a legitimate deduction. First, know that you are required to report the income you earn from a hobby. Rules vary for reporting income and expenses based on whether the activity is a hobby or a business.
The IRS has these tips about hobbies:
For more on this topic, see IRS Publication 535, Business Expenses.
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