Hobby Activity Expenses Are Deductible from AGI to the Extent

question 96

True/False

Hobby activity expenses are deductible from AGI to the extent of hobby income. Such expenses not in excess of hobby income are not subject to the 2%-of-AGI floor.

---

Definitions:

Lie

A false statement made with deliberate intent to deceive; an intentional untruth.

Harry Braverman

An American Marxist sociologist and writer known for his work on labor and the degradation of work in the twentieth century.

Capitalists

Individuals or entities that own capital, invest in businesses, and seek to generate profit from their investments.

Profits

The financial gains obtained when the revenues generated from a business activity exceed the expenses, costs, and taxes involved in sustaining the activity.