Tag Archives: Treasury Regulation 1.183-2

Is Your Hobby a For-Profit Endeavor?

FS-2008-23, June 2008 The Internal Revenue Service reminds taxpayers to follow appropriate guidelines when determining whether an activity is engaged in for profit, such as a business or investment activity, or is engaged in as a hobby. Internal Revenue Code Section 183 (Activities Not Engaged in for Profit) limits deductions that can be claimed when […]