I think it is important to note that "cash basis" is key. Hobbies are dominantly cash basis by nature as I understand and logic would dictate.
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I think it is important to note that "cash basis" is key. Hobbies are dominantly cash basis by nature as I understand and logic would dictate.
Depending on the size of the business, the accounting records might be created on a cash or actual basis. Hobbies are accounted for in a cash basis.