August 23, 2023
Tax Partner Michael D’Addio explains in Bloomberg Tax how the Gregory case decision impacts more than hobbies and may shape the future of miscellaneous itemized deductions
Bloomberg Tax
Excerpt:
Gregory’s outcome demonstrates the potential consequences of characterizing activities as not engaged in for profit. While previously deemed trivial by many, these hobby loss rules now hold greater weight than ever. Individuals and businesses must heed the court’s decision, ensuring their profit-seeking endeavors are conducted and recorded precisely.
