Question

The revenue for a hobby is always reported as other income on page 1 of Form 1040. Deductions are reported as itemized deductions (from AGI deductions). True or false?

Answer 1

The revenue for a hobby is not reported as other income on page 1 of Form 1040. Instead, it is reported as miscellaneous income on Schedule 1 of Form 1040. Deductions can be reported as either itemized deductions or standard deductions.

Step-by-step explanation:

The statement is false. The revenue for a hobby is not reported as other income on page 1 of Form 1040. Instead, it is reported as miscellaneous income on Schedule 1 of Form 1040. Deductions, on the other hand, can be reported as either itemized deductions or standard deductions.