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Assume that Jill is engaged in painting as a hobby. During the current year, she earns $1,000 from sales of her paintings and incurs $1,300
Assume that Jill is engaged in painting as a hobby. During the current year, she earns $1,000 from sales of her paintings and incurs $1,300 ex-penses for supplies and lessons. Jills salary from her job is $70,000. What is the tax treatment of the hobby income and expenses
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