Hobby Loss – a nondeductible loss arising from a personal hobby; as contrasted with an activity engaged in for profit

hobby loss:
(1946)

1. A nondeductible loss arising from a personal hobby; as contrasted with an activity engaged in for profit.  *  The law generally presumes that an activity is engaged in for profit if profits are earned during at least three of the last five years. IRC (26 USCA) § 183. [1]

References:

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[1]: Black’s Law Dictionary Deluxe Tenth Edition by Henry Campbell Black, Editor in Chief Bryan A. Garner. ISBN: 978-0-314-61300-4

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