NFBC Message Boards

Greg, any chance of a satellite auction league in February?

Whether or not a profit is made is only one factor considered by the IRS in determining what is and what is not for profit. Publication 535 lists 9 factors total (which even then are not exclusive). I would think that the airlines example is not the best one because they (1) were at some point profi...

RotoSpin, According to IRS Publication 17, hobby income is to be reported on your 1040 line 21 and deductions (which are subject to the 2% floor, not good) are reported on Schedule A. Given the unfavorable treatment of hobby income and expenses, you may want to look into the business income route di...

Viper, I think by reporting the income on Schedule C, you are declaring the income as business income (as that is what Schedule C is for), not hobby income. I pulled this from a tax website (not sure which, but the same can be found on other tax sites): "Do I have to pay tax on my hobby income? You ...