Homer is an executive who is paid a salary of $80,000.Homer also paints landscapes as a hobby.This year Homer expects to sell paintings for a total of $750 and incur the following expenses associated with his painting activities:
Travel $$1,480$
Paints ard carvas 610
Pairting classes 230
What is the effect of Homer's hobby on his taxable income? Assume his AGI does not reflect his painting activities and that he itemizes deductions but has no other miscellaneous itemized deductions.

Question

Homer is an executive who is paid a salary of $80,000.Homer also paints landscapes as a hobby.This year Homer expects to sell paintings for a total of $750 and incur the following expenses associated with his painting activities:
 Travel                                        $$1,480$
Paints ard carvas                          610
Pairting classes                              230
 What is the effect of Homer's hobby on his taxable income? Assume his AGI does not reflect his painting activities and that he itemizes deductions but has no other miscellaneous itemized deductions.

Quizplus · Accepted Answer

The Answer of Homer is an executive who is paid a salary of $80,000.Homer also paints landscapes as a hobby.This year Homer expects to sell paintings for a total of $750 and incur the following expenses associated with his painting activities:
 Travel                                        $$1,480$
Paints ard carvas                          610
Pairting classes                              230
 What is the effect of Homer's hobby on his taxable income? Assume his AGI does not reflect his painting activities and that he itemizes deductions but has no other miscellaneous itemized deductions.

Homer Is an Executive Who Is Paid a Salary of $80,000.Homer