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Is it a requirement for a hobby not to generate income? Don't most successful people have hobbies as their job? Still can't see the difference.
by miguelrochefort 11y ago
Is it a requirement for a hobby not to generate income? Don't most successful people have hobbies as their job? Still can't see the difference.
- orionblastar 11y agoI am using the IRS definition of a hobby. If your business doesn't earn enough money the IRS classifies it as a hobby. Once you earn enough money it is no longer a hobby and must be taxed.