Collectibles in St Petersburg Florida

Do you know the tax impact of your collectibles?

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They say one person’s trash is another person’s treasure. This may hold true when it comes to collectibles — those various objets d’art for which many people will pay good money. But if you’re considering selling or donating some of your precious items, be sure to consider the...
Hobby in St Petersburg Florida

Do You Have a Deductible Business Loss or a Nondeductible Hobby Loss?

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There’s a fine line between businesses and hobbies under the federal tax code. If you engage in an unincorporated sideline — such as a marketing director by day and an artist on the nights and weekends — you may think of that side activity as a business and hope to deduct...
Hobby in St Petersburg Florida

Run a business “on the side”? Make sure it’s no hobby

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If you run a business “on the side” and derive most of your income from another source (whether from another business you own, employment or investments), you may face a peculiar risk: Under certain circumstances, this on-the-side business might not be a business at all in the...
Tax Court Settles the Score on Sports Collectibles Activity in Tampa, Florida

Tax Court Settles the Score on Sports Collectibles Activity

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Are you a collector of antiques, artifacts or other goods? If your passion evolves into a full-fledged business with a profit motive, you may use a resulting tax loss to offset other income on your return. However, if the IRS classifies the activity as just a hobby — as it...