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 Not-for-profit activities  |
Not-for-Profit Activities |
| If you do not carry on your business to make a profit, there is a limit on the deductions you can take. You cannot use a loss from the activity to offset other income. Activities you do as a hobby, or mainly for sport or recreation, come under this limit. | |
| For details about not-for-profit activities, see chapter 1 in Publication 535, Business Expenses. That chapter explains how to determine whether your activity is carried on to make a profit and how to figure the amount of loss you can deduct. | |
Previous Page: 334-Net Operating Losses (NOLs) Next Page: 334-Sample Returns Use to find additional instances of index items. |
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