Yes, you will enter the amount earned from the sales as income. Most individuals are on a cash-basis when reporting income so you will report the income when it was received. You will also be able to claim a deduction for various business expenses related this income.
Please
refer to this IRS link for more information about business expenses:
https://www.irs.gov/publications/p334/ch08.html#en_US_2014_publink1000313521
To enter your business income and expense
using TurboTax SE Online (for TurboTax Online sign-in, click Here , then select
"Take Me to My Return") or TurboTax Home and Business Desktop, please follow
these steps:
- Once
you are in your tax return, click on the “Business" tab
- Next click on “I’ll choose
what I work on” (jump to full list)
- Scroll down the screen until
to come to the section “Business Income and Expense”
- Choose “Profit or
Loss from Business ”
and select start/revisit/update.
- If your business is already
listed, choose to "edit"
- You will eventually get
to a screen titled "Your () Business"
- For income that you received
as cash enter if under "General Income".
