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Which expenses generated from activities producing

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Problem 1: In 2020, expenses generated from activities producing hobby income are_______.

Option 1: Completely allowed as other itemized deductions on Schedule A.

Option 2: Allowed as miscellaneous itemized deductions subject to the 2%-of-AGI limitation.

Option 3: completely disallowed as miscellaneous itemized deductions subject to the 2%-of-AGI limitation.

Option 4: Allowed as miscellaneous itemized deductions subjets to the 2%-of-AGI limitation only when when not in excess of hobby income.

Reference no: EM132984835

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