Peter is an artist . He is single. He had a salary from a job of $48,000. He takes the standard deduction. This year he

[answerhappygod]

Peter is an artist . He is single. He had a salary from a job of
$48,000. He takes the standard deduction. This year he had revenue
from sales of his photos of $2000. He had the following expenses.
Assuming he itemizes his deductions and that the IRS classifies the
sale of photos as a hobby. Rental of space at art gallery $1500
Supplies $800 Since Peter cannot deduct a loss from the hobby, his
AGI is $48,000. Select one: True False