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Get your taxes done using TurboTax
You need to decide if this is a hobby or a business.
A hobby is activity done with no intent to make a profit while a business is done with the intent to make a profit.
The difference is how losses are treated. If you run a loss on a hobby, you don't get to deduct, whereas you can for a business (for a while anyway, before the IRS gets suspicious).
I thought this question, however, appeared if you also had a W-2. Do you have a W-2?
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‎July 13, 2020
3:15 PM