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

[Bruce Griffis]

I'm going to have to read that publication. I am selling household items on
eBay and think I would be considered a hobbiest. Sales will be less than 4k
this year - and only if I were to sell a lot in 4th quarter. Can anyone
recommend a VERY introductory guide to hobby and small business taxes in
the US? I always use a "tax guy" in March, but if I can read and learn and
avoid doing something incredibly short-sighted, that would be a good start

On Tue, Oct 1, 2024, 11:24 AM Chris Miller via gnucash-user <
gnucash-user at gnucash.org> wrote:

> 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?
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