Is hobby income from writing taxable?

January 21st, 2013 → 8:37 am @ // No Comments

Is all hobby income taxable?

Yes, hobby income is taxable. Any income you make from writing, freelancing, your blog, etc is taxable income, even if it’s just a hobby.

The IRS states:

“All income is taxable unless it is specifically exempted by law. Income that is taxable must be reported on your return and is subject to tax.”

(http://www.irs.gov/businesses/small/article/0,,id=117613,00.html)

Sorry, but the IRS does not give an exemption for income from a hobby.

Read Chapter 1 of my book, Business Tips and Taxes for Writers, for more information on hobby income.

 

 

Hope that helps!

Carol Topp, CPA


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