How much can she deduct, Although her records of the

How much can she deduct

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Reference no: EM13123614

Jasmine raises, shows, and sells Siamese cats as a hobby. In 10 years of raising Siamese cats she has never earned a profit. In year 10, her gross income from the sale of Siamese kittens is $1,600. Although her records of the expenses incurred in the breeding activity are spotty, she can establish that in year 10 she spent $1,000 on transportation and lodging to attend cat shows, $400 on cat food, $700 on veterinary expenses, and $300 on grooming, for a total of $2,400. a. How much of these costs, if any, can she deduct in year 10? b. Suppose instead that Jasmine's year 10 gross incomes from the sale of the kittens is $4,000. How much can she deduct?

Reference no: EM13123614

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