Priscella pursued a hobby of making bedspreads in her spare time. Her AGI before considering the hobby is $40,000. During 2019 she sold the bedspreads for $10,000. She incurred expenses as follows: Supplies $4,000 Interest on loan to get business started 500 Advertising 6,500 Assuming that the activity is deemed a hobby, how should she report these items on her tax return
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Priscella pursued a hobby of making bedspreads in her spare time. Her AGI before considering the hobby is $40,000. During 2019 she sold the ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Fran offers to sell one of her puppies to Bailey, and Bailey decides to think about the offer overnite. Which of the following would terminate the offer if it happened during the night? A. Fran is eaten by a velociraptor. B.
Answers (1)
What is professional liability insurance?
Answers (2)
In budgeting, you should always pay your ___ first.
Answers (2)
Which of the following classifications is likely to be eliminated by the FASB? a. temporary investments b. short-term investments c. restricted cash d. cash equivalents
Answers (1)
MakerMan Manufacturing creates heavy-duty hand tools. It produces a new collapsible hammer called the SmackN'Stash.
Answers (1)
New Questions in Business
After Sunshine Systems merged with RTD Enterprises, company executives noticed that due to increased employee collaboration between the two units, costs were down and revenues increased within both areas.
Answers (1)
When the consumer price index rises, the typical family a. has to spend more dollars to maintain the same standard of living. b. can spend fewer dollars to maintain the same standard of living. c. finds that its standard of living is not affected. d.
Answers (1)
A magazine subscription costs $45 per year at the beginning of each year, or $115 now for a three-year subscription. If the subscriber elects to pay the $115 now, the rate of return on the investment will be nearest to:
Answers (2)
The second step in rational decision making is to: choose the solution that maximizes value. identify the criteria that are important in making the decision. evaluate the alternatives. implement the alternative.
Answers (1)
What impact will a spike in wages cause to the labor demand curve?
Answers (1)