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163Vsg · 05-21-2012, 03:46 PM

The way you have prepared the return the IRS is correct. You should file an amended return reporting the earnings on Schedule C and taking expenses up to the extent of the income. You are making the election that this is a hobby which limits the expenses to the extent of your earnings.

D. Marshall, III CPA

05-21-2012, 03:46 PM	#5
163Vsg Junior Member Join Date: Mar 2010 Posts: 21 Likes: 0 Liked 0 Times in 0 Posts	Re: Help: Self Employ. Tax on Race Purses The way you have prepared the return the IRS is correct. You should file an amended return reporting the earnings on Schedule C and taking expenses up to the extent of the income. You are making the election that this is a hobby which limits the expenses to the extent of your earnings. D. Marshall, III CPA