Original Posted By: "Michael Brusilow"
Carl,I checked into the hobby deduction with my TurboTax. The limit on theamount you deduct is the income you have received for the hobby. Thatincome must then be reported. So this only works if you sold yourplane. Also, you never get ahead...hobby expenses: $5000hobby income: $0amount you can deduct: $0hobby expenses: $5000hobby income: $5000income and deduction cancelhobby expenses: $5000hobby income: $7000pay tax on $2000(dealer always wins)Robert Haines(not a tax guy, all usual disclaimers apply)******I was doing my taxes the other evening and in the deductions sectionitasked about hobbies. Seems that if you have a hobby (for pleasure andnotfor profit) that it is deductible if the costs of the hobby exceed 2%ofyour adjusted income. I saved enough for some more parts. Just thoughtIwould mention this as we all have the same hobby.Carl******________________________________________________________________________________