I dropshipped and resold rings on eBay with intent on gaining money and did not get any forms from eBay. Do I need to worry about this? Thanks

poug387 · ‎June 6, 2019

In 2018, I was a student in Ohio and I tried starting my own personal business with the intent to make money. I dropshipped several items, and purchased jewelry to resell on eBay. I ended up making $141 total, but I am pretty sure I did not actually make any profit in the end: eBay and PayPal fees, purchasing shipping materials, and not able to resell purchased items at a profitable price.

I graduated and moved back home to Massachusetts in December, 2018. Thus, I was wondering if I have to even worry about putting all the details about this for my taxes? Moreover, I never received any forms from eBay about the sales I made.

P.S I went ahead and put in the information anyways to see what the end result would be, but TurboTax wants to charge me $209 total for choosing the "TurboTax self-employed" option, as well as filling out barely any needed information for my state tax returns for Ohio and Massachusetts, which is $44.99 for each state!

Thank you.

DawnC0 · ‎June 6, 2019

If you were trying to make a profit, which you say was your goal, then you are considered self-employed for tax purposes. You are responsible for and expected to claim all of your income whether or not you receive any tax forms from E-bay. All of your self-employment income and related expenses go on Schedule C. And TurboTax Self-Employed edition is the only Online product that will correctly report your self-employment business income and expenses.

I dropshipped and resold rings on eBay with intent on gaining money and did not get any forms from eBay. Do I need to worry about this? Thanks

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