Hobbies and Taxes

Last tax season I was reading about it all and found this thing about writing off a portion of hobby expenses. Does anyone know more about this? What all can constitute a hobby in this sense? action figure collecting? lol

Yes, action figure collecting counts as a hobby. However, I found last year that it wasn't worth trying for it. I forget the correct amount, but you have to spend something like $300.00 or more on expenses for the hobby, you have to itemize your Tax Form, and if I'm not mistaken, you can't include gasoline as an expense.

yea but doesn't the expense of the figure count? i easily spend over 300$ on them a yaer

I'm not quite sure. I never spent enough on it to pursue investigating further.

It's more than that from what I was told by a friend of mine that files taxes every year.Basicly what it boils down to is that it must be something that you also profit from i.e. you not only buy but you also sell. So if you do not sell some of the things you purchase you can't write it off.

even for hobbies? cause what you are describing puts it into a business category in my eyes