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Harold conducts a business with the following results for the year: Revenue $20,000 Depreciation on car 3,960 Operating expenses of car 3,100 Rent 6,000 Wages

Harold conducts a business with the following results for the year:

Revenue $20,000
Depreciation on car 3,960
Operating expenses of car 3,100
Rent 6,000
Wages 8,200
Amortization of intangibles 680

Harold estimates that due to a depressed real estate market, the value of land owned by the business declined by $5,200.

a. Harold's business has a net loss of $1,940 which is reported for AGI on his tax return.

b. If the activity was a hobby, Harold will report $20,000 as income and deduct __?__ as expenses.

I have gotten everything correct except for the expense amount if the activity was a hobby.

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