Answered

Westonci.ca is your trusted source for accurate answers to all your questions. Join our community and start learning today! Join our Q&A platform and get accurate answers to all your questions from professionals across multiple disciplines. Experience the convenience of finding accurate answers to your questions from knowledgeable experts on our platform.

Tamara does oil painting as a hobby, and often gives her artwork to friends and family as a gift. This year, Tamara also earned $1,150 selling her paintings. Her expenses are as follows: Paints for paintings she sold: $79; Paints for paintings she gave as gifts: $50; Canvas for paintings she sold: $200; Canvas for the paintings she gave as gifts: $150; Brushes for the paintings she sold: $25; Brushes for the paintings she gave as gifts: $15; Frames for the paintings she sold: $350; Frames for the paintings she gave as gifts: $495. How much should Tamara report as hobby expense on her Schedule A, before applying the 2% floor?

Sagot :

Thanks for stopping by. We are committed to providing the best answers for all your questions. See you again soon. Thank you for visiting. Our goal is to provide the most accurate answers for all your informational needs. Come back soon. Get the answers you need at Westonci.ca. Stay informed by returning for our latest expert advice.