If an item such as property taxes and home mortgage interest exceed the income from a hobby, the excess amount of this item over the hobby income can be deducted if the taxpayer itemizes deductions.

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This statement is true. The excess amount of property taxes and home mortgage interest over hobby income can be deducted if the taxpayer itemizes deductions. This deduction is known as a Schedule A deduction on the IRS Form 1040. However, it's important to note that there are certain limitations on the amount of these deductions that can be taken.

If an Item Such as Property Taxes and Home Mortgage