RE: Miscellaneous Itemized Deductions Subject to a 2% Floor

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Miscellaneous Itemized Deductions Subject to a 2% Floor

in tax •  7 years ago 

I think it is important to note that "cash basis" is key. Hobbies are dominantly cash basis by nature as I understand and logic would dictate.

tax
7 years ago by

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      ·  7 years ago 

    Depending on the size of the business, the accounting records might be created on a cash or actual basis. Hobbies are accounted for in a cash basis.

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