hobby

(redirected from Hobby Activity)
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Synonyms for hobby

pastime

Synonyms

Synonyms for hobby

a child's plaything consisting of an imitation horse mounted on rockers

small Old World falcon formerly trained and flown at small birds

References in periodicals archive ?
Thus, as a practical matter, Form 5213 is rarely used until the taxpayer has been notified by the IRS that it proposes to disallow deductions related to an alleged hobby activity.
Although the Internal Revenue Code (IRC) provisions concerning a business activity and a hobby activity have not significantly changed, CPAs should still familiarize themselves with best practices.
In summary, all these cases failed to prove any organizational or economic interrelationship, failed to show any business purpose for the hobby activity, and failed to show any similarity among the undertakings.
A loss from a hobby activity, on the other hand, is not deductible and cannot offset other sources of income.