Which of the following statements is correct? 1) The financial status of the taxpayer is not considered in determining whether activities are engaged in for profit. 2) The deduction for the allowed hobby expenses is an itemized deduction, but not subject to the 2 percent floor. 3) Hobby expenses that are deductible on Schedule A in 2022 without reference to whether they are incurred in an activity designed to produce income --such as hobby mortgage interest expense and certain taxes on hobby activities-- remain fully deductible. Hobby expenses other than the above allowable interest expense and taxes are no longer deductible on Schedule A