Which of the following statements is false? A. If a taxpayer has expenses or losses...
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Accounting
Which of the following statements is false?
A. If a taxpayer has expenses or losses from a hobby, such as a horse farm, they can only deduct those expenses to the extent of the horse farm hobby income.
B. Business income is considered "earned" income
C. If a taxapayer sells their personal residence at a loss, they can only deduct $3,000 of such loss.
D. All of the above statements are correct (true).
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