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 best describes the concept of laissez-faire? a. Government should not intervene in the economy. b. Government should actively intervene in the economy whenever it judges the action to be beneficial. c.
Answers (1)
Pretty lady cosmetic products has an average production process time of forty days. finished goods are kept on hand for an average of fifteen days before they are sold.
Answers (1)
Modesto broker Killian Johnson has just received a money deposit and the related instructions from the buyer, Luis Alverez. Which of the following does NOT describe how Killian should handle this deposit? a.
Answers (1)
The production or consumption of an economic good that generates a negative externality results in A. overproduction of the good and a price that is lower than marginal social cost. B.
Answers (1)
When should you write a functional (skills) résumé? a. When you work history does not have obvious gaps. b. When you are making a career change. c. When your most recent job is similar to the one you are applying to. d.
Answers (1)
New Questions in Business
1. Job cost sheets can provide information to managers on unit cost trends, the cost impact of continuous improvement in the manufacturing process, the cost impact of materials changes, and the cost impact of direct materials price or direct labor
Answers (1)
We believe in creating loyal customers by providing a superior experience at a great value. We are committed to direct relationships, providing the best products and services based on standards-based technology, and outperforming the competition
Answers (1)
You have graduated from college and, after working hard for ten years, have scraped enough money together to make a down payment on a forty-acre farm within driving distance to the small city where you work in Colorado.
Answers (1)
A company that formerly produced music cds went out of business because too many potential customers bought illegally-produced copies of the cds instead of buying the product directly from the company. this instance serves as an example of a.
Answers (1)
A building acquired at the beginning of the year at a cost of $1,375,000 has an estimated residual value of $250,000 and an estimated useful life of 40 years.
Answers (1)