Expenses vs Deductions and taxes14936
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Jacksonville, Florida |
thereal360 private msg quote post Address this user | |
| Hello guys, so I started this endeavor last year and unfortunately, really couldn't do much in the wintertime, because of little light in the evenings. That being said i invested like 2-3k into this business in tripods camera's this forum.... etc. and made maybe $500 gross profit. so the 2.5k loss... can I deduct this from my "regular" full time job income? How does the "standard deduction" play into this? I know nobody can give me tax advise, but some feedback would be nice! Thanks Alex |
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Matt19 private msg quote post Address this user | |
| Hi Alex, Hobbies (losses) are not deductible. If this is business then the loss is deductible. Do some quick googling on what is business verses hobby. If business then you can deduct. Standard deduction vs itemization has nothing to do with your loss, if that that is what you are asking. Perhaps you are talking about the standard mileage rate vs actual costs? All that being said usually it is best to have a conversation so that the one giving advice is able to give you the correct advice. Peoples circumstances are unique so like you said I am disclaiming liability. It is hard to give good advice if you don't have the whole story. |
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