12 Which of the following statements are true with regard to the taxation of hobbies? O Hobby income is reported above-the-line on line 8 of Schedule 1 of Form 1040 for 2021. O Mortgage interest expense related to a hobby is deductible below-the-line on Schedule A. O Real property taxes related to a hobby are deductible below-the-line on Schedule A. O Operating expenses associated with a hobby are not deductible. All of the statements are true