Electing to Postpone a Hobby Loss Determination   Updated

Businesses can deduct ordinary and necessary expenses from their taxable income, which reduces their overall tax burden. Hobbies, on the other hand, generally cannot deduct expenses beyond the income they generate. The key question for the IRS in determining a hobby loss is whether your activity is truly a business or just a recreational pursuit. This short course gives an overview of how to elect to postpone a hobby loss determination.

Spidell's Federal Taxletter supplied materials used for this course.

This overview course may be appropriate for professionals at all organizational levels.

Checkpoint Learning is committed to bringing innovative solutions to you, now including nano-learning! As per NASBA Standards, a nano-learning course is a 10-minute, electronic, self-study course in which you are eligible to earn 1/5 (or 0.2) CPE credits.

At this time, nano-learning is not accepted by all state boards. If you are not sure whether your state board accepts nano-learning, you can ask your state board or visit the NASBA registry: (nasbaregistry.org).