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atroni [7]
4 years ago
12

Abigail's hobby is sculpting. During the current year, Abigail sold three of her sculptures for a total of $3,200. Her related e

xpenses include $1,500 in utilities, $1,200 in supplies and $900 in depreciation. Of the total expenses incurred, Abigail may deduct
Business
1 answer:
strojnjashka [21]4 years ago
8 0

Answer:

$1,500 in utilities, $1,200 in supplies and $500 in depreciation .

Explanation:

$1,500 in utilities, $1,200 in supplies and $500 in depreciation

 Since the activity is classified as a hobby, hobby expenses are deductible to the extent of hobby income of $3,200. Further, they are deducted in a specific order

those that are otherwise allowable such as property taxes and interest; those related to the activity other than those that decrease basis; and those that reduce basis (depreciation).

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4 years ago
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babysit- which i doubt is a good idea rn

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