[GNC] Another "multi-account" logical issue - any advice on how to register this?

[Chris Miller]

Hi Michael,

>> I concur in part. In a "hobby", expenses are no longer deductible to the extent
>> of income, as you said,
> 
> I did not say that. I said expenses not deductible beyond the extent of
> income (a hobby can generate a taxable profit but not a deducible loss).

Wow! I constructed a spectacularly ambiguous statement! Actually, it is not even ambiguous at all; it is just wrong. The scope of, "as you said", was intended to cover only the phrase, "deductible to the extent of income", but given the way I wrote that line, everybody will read, "... expenses are no longer deductible to the extent of income, ...". I certainly did not intend any misrepresentation.

It appears that Google has mislead me. I was "informed" that hobby expense deductiblity changed in 2018. Apparently I was misinformed. You are correct. As of 2022, Hobby expenses *are* deductible to the extent of hobby income. IRS Pub 535, 2022, Page 7, Not-for-Profit Activities.
-- 
Chris. 

V:916.799.9461 
F:916.974.0428 
A: Because we read from top to bottom, left to right.
    Q: > Why should I start my reply below the quoted text?