Michelle is a bank president and a weekend artist.She regularly sells her paintings at flea markets and spends an average of 9 hours a week painting or selling.Although she made about $6,000 last year from sales of artwork,she tells her friends she would do it for free.For the current tax year,she incurs expenses of $800 primarily for admission fees to flee markets and art fairs.The $800 is
I.deductible for AGI as a business expense.
II.a miscellaneous itemized deduction.
III.is deductible only because she has revenue from the activity.

Question

Michelle is a bank president and a weekend artist.She regularly sells her paintings at flea markets and spends an average of 9 hours a week painting or selling.Although she made about $6,000 last year from sales of artwork,she tells her friends she would do it for free.For the current tax year,she incurs expenses of $800 primarily for admission fees to flee markets and art fairs.The $800 is
I.deductible for AGI as a business expense.
II.a miscellaneous itemized deduction.
III.is deductible only because she has revenue from the activity.
​

Quizplus · Accepted Answer

The Answer of Michelle is a bank president and a weekend artist.She regularly sells her paintings at flea markets and spends an average of 9 hours a week painting or selling.Although she made about $6,000 last year from sales of artwork,she tells her friends she would do it for free.For the current tax year,she incurs expenses of $800 primarily for admission fees to flee markets and art fairs.The $800 is
I.deductible for AGI as a business expense.
II.a miscellaneous itemized deduction.
III.is deductible only because she has revenue from the activity.
​

Michelle Is a Bank President and a Weekend Artist