You can file this as Other Income in line 21 of your Tax Return. This area is designated for the Income and Expenses generated by Hobbies or other activities that are not intended to create a profit. The trick to this is that you cannot take a loss from this income. If you declare $1000.00 in income you can only expense $1000.00. Follow these steps to file this income and it's subsequent expenses:Log in to your TurboTax AccountFrom the main upper most tab select Federal TaxesIn the secondary tab select Income and ExpensesScroll down to Less Common Income and select Show MoreOnce the screen drops down select Start in Miscellaneous Income Then select Start to Hobby Income and Expenses. The program will walk you through the process of declaring this income and any expenses related to its activity.

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redriverthunder

Level 2

Solved

How do I file as a local town sports team? I got a donation of $1000 and I was told I need to file taxes on that. My name is on the bank account but its set up as a seperate organization. How do I go about it?

Forum|Forum|7 years ago
June 1, 2019
3 replies
18 views

No text available

TurboTax Free Edition Online

Best answer by

You can file this as Other Income in line 21 of your Tax Return. This area is designated for the Income and Expenses generated by Hobbies or other activities that are not intended to create a profit. The trick to this is that you cannot take a loss from this income. If you declare $1000.00 in income you can only expense $1000.00.

Follow these steps to file this income and it's subsequent expenses:

Log in to your TurboTax Account
From the main upper most tab select Federal Taxes
In the secondary tab select Income and Expenses
Scroll down to Less Common Income and select Show More
Once the screen drops down select Start in Miscellaneous Income
Then select Start to Hobby Income and Expenses.

The program will walk you through the process of declaring this income and any expenses related to its activity.

Anonymous

Answer

Follow these steps to file this income and it's subsequent expenses:

Log in to your TurboTax Account
From the main upper most tab select Federal Taxes
In the secondary tab select Income and Expenses
Scroll down to Less Common Income and select Show More
Once the screen drops down select Start in Miscellaneous Income
Then select Start to Hobby Income and Expenses.

The program will walk you through the process of declaring this income and any expenses related to its activity.

redriverthunderAuthor

Level 2

I went to the Federal Taxes button and in the Secondary tabs there wasn't an income and expense tab. There is only wages and income, deductions and credits, health insurance, other tax situations and federal review. Do I do wages and income and then self employed? The steps above didn't go word for word what I'm seeing on my end. Any help would be appreciated. Thanks.