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:
$\begin{array}{r}
\text {Travel}&\$ 1,480 \
\text {Paints and canvas}&610\
\text {Painting classes}&230
\end{array}$ What is the effect of Homer's hobby on his taxable income?

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:
 $\begin{array}{r}
\text {Travel}&\$ 1,480 \
\text {Paints and canvas}&610\
\text {Painting classes}&230
\end{array}$ What is the effect of Homer's hobby on his taxable income?

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:
 $\begin{array}{r}
\text {Travel}&\$ 1,480 \
\text {Paints and canvas}&610\
\text {Painting classes}&230
\end{array}$ What is the effect of Homer's hobby on his taxable income?

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