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sethhague
New Member

Made supplemental income selling computers on craigslist. Don't have very many details. At what point do you need to declare? How does it affect a federal return?

 
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NancyG
New Member

Made supplemental income selling computers on craigslist. Don't have very many details. At what point do you need to declare? How does it affect a federal return?

If these were your personal computers that you sold for a few dollars as a one time thing, you really do not have to do anything.  Your transaction would be similar to an on-line garage sale.  See the following link for more information:

A Tax Filing Factsheet for eBay Sellers

If you sold the computer as part of a business you started and planned to continue, you should report that business as such.  The following links will help you with that.  The most common type of first time business is reported on IRS Schedule C.

Starting a Business

 Reporting Self-Employment Business Income and Deductions

 What is a IRS Schedule C?

 Beginner's Tax Guide for the Self-Employed

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