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?
Get 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 there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Which of the following refers to the buying, selling, and trading of goods and services across national boundaries? a. International business b. Global business (globalization) c. Importing d. North American Free Trade Agreement (NAFTA)
Answers (1)
A firm has 120,000 shares of stock outstanding, a sustainable rate of growth of 3.8, and $648,200 in free cash flows. What value would you place on a share of this firm's stock if you require a 10% rate of return? e was $45?
Answers (1)
How does a tariff impact a business exporting goods
Answers (2)
Difference between honors and regular classes
Answers (1)
Imperfect markets: do not exist in democracies. always result in supply exceeding demand. always result in demand exceeding supply. occur when the buyer or seller has an influence on the price. can't occur if there are many buyers and many sellers.
Answers (1)
New Questions in Business
Sales and commission are based on selling price, not the costs you have been provided. Labor: 13.8 hours at 18.75 per hour Overhead: 92% of labor Material Costs: $65.
Answers (1)
When airbnb customers in malibu start paying hotel taxes, this will have the potential to raise the equilibrium price in this market and, therefore, decrease efficiency.
Answers (1)
Curtain Co. paid dividends of $14,000; $17,500; and $21,000 during Year 1, Year 2, and Year 3, respectively. The company had 2,400 shares of 7.0%, $100 par value preferred stock outstanding that paid a cumulative dividend.
Answers (1)
In order to accomplish the productivity plan, several Subject Matter Experts from various parts of the organizational have been enlisted. As a result, you have noticed friction and conflict among team members.
Answers (1)
The bond has a coupon rate of 6.83 percent, it makes semiannual payments, and there are 4 months to the next coupon payment. A clean price of $1,049 and the par value is $1,000. What is the invoice price
Answers (1)