Is hobby income from writing taxable?
January 21st, 2013 → 8:37 am @ Carol
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.”
(https://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
Tags: hobby, hobby writer, tax, taxable income
