Publication 334 |
2001 Tax Year |
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.
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