How much money does the IRS figure it loses each year because of incorrect filings of deductions and expenses related to small businesses that are, in fact, only hobbies?

Question

How much money does the IRS figure it loses each year because of incorrect filings of deductions and expenses related to small businesses that are, in fact, only hobbies?

Accepted Answer

The IRS figures that approximately $30 billion in taxes goes unpaid each year because many of these activities are supporting hobbies, but are being claimed as supporting businesses.

Taxes

Small Business Taxes

How much money does the IRS figure it loses each year because of incorrect filings of deductions and expenses related to small businesses that are, in fact, only hobbies?