• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

Deductions for hobbies

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

A

AhhSheeit

Guest
I understand that certain hobbies are deductible under the misc. deductions category. Can I leagally deduct flying lessons or flying as a hobby? I have spent more than $4,000 to get my license and more flying recreationally. I am looking for some way to deduct these expenses. Thanks in advance...
 


L

loku

Guest
Hobby loss

Unfortunately, you can not deduct the cost of a hobby. Probably you heard about the hobby loss rule. Only you were given the wrong info about it. The rule is that you can not deduct costs of a hobby. A hobby is an activity from which you do not expect to make a profit. Only the cost of an activity that is engaged in from profit or from which you expect to make a profit is deductible.
 
A

AhhSheeit

Guest
Thanks for the info....

Thanks for clearing that up for me. It seems now I have a problem. I was "advised" by a tax preparer that this was a legal deduction so I have already filed my return. Should I leave it or is there something I can do? Thanks in advance...
 
L

loku

Guest
Hobby loss

The IRS does not find all the errors on returns. However, the requirement in your situation would be to file an amended return, correcting the error.

If you do file an amendment, file it on Form 1040X. Here is a link to the IRS site where you can download the form:

http://www.irs.ustreas.gov/forms_pubs/index.html
 
Sponsored Ad

Top