The IRS can disallow losses on Donald Trump's tax returns if the service decides Trump's businesses were actually hobbies instead of for-profit enterprises.
— hobbies could write off expenses as miscellaneous deductions until their net income reached $0. Any additional expenses would not be deductible.
"If a taxpayer receives income for an activity that they don’t carry out to make a profit, the expenses they pay for the activity are miscellaneous itemized deductions and can no longer be deducted," the IRS said in its tax tip.Copies of former President Donald Trump and former first lady Melania Trump individual tax returns for 2019, released by the Democratic-controlled House Ways and Means Committee, are photographed Friday, Dec. 30, 2022.
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