Jerry has always enjoyed sailing. In 2020, he entered several regattas and managed to win prize money of $1,500. His expenses associated with the regattas exceed $25,000. Which of the following statements is correct?

A)Jerry should report the income in Part I and the expenses (as an adjustment) in Part II of Schedule 1 (Form 1040).

B)Jerry cannot deduct any expenses since this is a hobby.

C)Jerry may deduct $1,500 of the expenses on Schedule A if he itemizes deductions.

D)Jerry's expenses far exceed his winnings. Therefore, he needn't worry about reporting the winnings on his 2020 income tax return.