Anita paints portraits in her spare time. She earned $6,600 painting portraits during the year...
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Accounting
Anita paints portraits in her spare time. She earned $6,600 painting portraits during the year and incurred expenses as follows:
Supplies $3,300
Gallery rent 1,200
Advertising expenses 225
Postage and shipping to deliver paintings 675
Total $5,400
Her AGI, without considering the effect of the sales of the portraits, is $70,000. Calculate the following if the activity is:
A hobby:
AGI $ _______________________?
Deductible expenses $ ___________?
A business:
AGI $ ________________?
Deductible expenses $___________?
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