Yes. If this is not a business, you are not engaged in the activity for a profit seeking venture and you consider it a hobby then you can treat it and list it as a hobby. As a hobby any expenses involved with it would be used on itemized deductions if you can use that. These expenses would be subject to a 2% reduction of the adjusted gross income (AGI) and only the excess would be added to your other itemized deductions.
The dollar amount and volume of time spent on this could be a factor in determining if you are engaged in this activity for profit. The fact the value is for products, as you see from the Form 1099, as opposed to cash under the tax law Amazon is required to report it.
- To record hobby income in TurboTax Self Employed follow these steps.
- My Account
> Tools > Topic Search > Type
hobby income > Go
- Enter your hobby income and expense
-
Click the screenshots attached to view and enlarge for assistance.
