who is single, conducts an activity in 2019 that is appropriately classified as a hobby....
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who is single, conducts an activity in 2019 that is appropriately classified as a hobby. The activity produces the following revenues and expenses $18,000 Revenue Property taxes Materials and supplies 4,500 2.000 5,000 750 4,000 Advertising Insurance Depreciation without regard to this activity. Alex's AG is $42.000 his Determine the amount of income Alex must report and the amount of the expenses his permitted to deduct Assume Alex items deductions portabile come Deductible expenses Business or investment expenses are deductible only the taxpayer can show that the activity was entered into for the purpose of making a profit. Certain activities may have either profit-secking or personal attributes, depending upon individual stances
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