http://netvouz.com/lillymark/tag/losses?feed=rss lillymark's bookmarks tagged "losses" on Netvouz http://www.mytaxfiler.com/blog/audit-techniques-for-hobby-losses/ Many taxpayers have hobbies that earn a bit of income and the IRS states that in such cases, expenses can be written off only to the extent of sales. A break-even proposition at best. So if you love photography and your buddy pays you $500 to shoot his wedding, you can write off all of your expenses up to $500 against that taxable income. But you cannot dip to the negative side and show a loss. lillymark Wed, 28 Nov 2012 05:19:20 GMT