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<p>[QUOTE=&quot;medoraman, post: 2234031, member: 26302&quot;]Hobby loss rules state any deductions for the hobby are treated as misc deductions, so subject to 2% AGI, (meaning you get to deduct nothing until its more than 2% of your AGI), and there is no loss carryforward or carry back. Losses can only apply to current year income. So your quote is technically correct [USER=74491]@JustHad2[/USER] but not going into all of the details. The details of this is where they really kill you. The net effect of these rules to most people is no deduction, and even when some deduction is allowed, its very small.[/QUOTE]</p><p><br /></p>

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