Millions of people enjoy hobbies. They can also be a source of income. Some of these types of hobbies include stamp or coin collecting, craft making and horse breeding. You must report any income you get from a hobby on your tax return. How you report the income is different than how your report income from a business. There are special rules and limits for deductions you can claim for a hobby. Here are basic tax tips your should know if you get income from your hobby:
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