Hye Caulley: hobby losses are not deductible
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Cassey Hollinghurst: Hobby Rules: No Income = No Deductions. See referenced link."An activity is presumed for profit if it makes a profit in at least three of the last five tax years, including the current year"The theft losses aren't deductible in any case, because there are income level and per-event offsets....Show more
Leora Klingelhoets: No. There is no deduction for hobby losses. There is no deduction for discovering that something is missing. There is a deduction for theft, but when the insurance company pays all but $100 of what the stolen property was worth. Your unpaid loss has to be more.
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