Which of the following statement is not correct for reporting a hobby on an income tax return

The citizens of the nation having income higher than the minimum income tax chargeable income have been eligible to file the income tax return.

The income that has been made by a person pursuing his hobby has been termed as the hobby income. The hobby income has been reported in the tax return as well.

The hobby income has been reported on Schedule A, line 8 of Form 1040. It has also been reported in Schedule C. Thus, option B is correct.

For more information about the income tax return, refer to the link:

link

The statement that is not correct about reporting a hobby on an income tax return is that hobby income and expenses are reported on Schedule C.

Explanation:

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