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Nine factors that determine whether an activity is a hobby

From AICPA Tax Adviser website: Taxpayers often want to deduct all of their expenses incurred in an activity, arguing that it is a business. The Internal Revenue Service will classify many of these activities as hobbies — meaning expense deductions are limited to the amount of income generated. Here are the nine ways to tell if an activity is engaged in for profit or should be classified as a hobby.

To view full article go to: http://www.aicpa.org/Publications/TaxAdviser/2013/July/Pages/TPP_July2013-story-02.html.aspx