Luke Chemies

Now,

just thinking through that fundamentally before even thinking about tax, why would you do a hobby where you're losing money?

Maybe you're doing it as some sort of donation, but I guess if you were losing money doing it and you did have a potential to make a profit into the future and you're just not very good at doing that, you could potentially offset some of that income with that loss.

However, this is like silver bullet grabbing that people go to, right?

There is no point blitzing a whole heap of time

into running a non-profitable side hustle.

Eventually, it won't work.

Financially, and people will be like, why are you committing all this time to this, taking time away from other things and having an opportunity cost to do something that doesn't make money?

Oh, it's all good.

I put that loss against my personal tax return and get a little bit of tax back.

Probably not a smart, viable thing to do.

And if the IOD dude go...

Are you there?

Hello?

Like why are you adding in a loss against your tax return for this what's going on?

You're going to have to explain yourself.

Again, this is why I say that all of the stuff is a little bit nuanced and there are many different avenues that you can go down.

And I appreciate if I give so many examples like this too, you can probably get a little bit lost in it.

So that's just to bring us back to the overall piece.

Is it a business?