JulieS
Expert Alumni

Deductions & credits

If you sell used items and are not engaged in a business, you do not have to report the amount as self employment income.

 

If you sell used items and want to be considered as doing it as a business, you can deduct the cost of the items from the selling price as well as fees and postage. In that case you would complete a self-employment schedule for that activity. 

 

The streaming income is also reported on the 1099 from Twitch, so you don't have to do anything else with it. 

 

Form 1099-K is now being issued to anyone with more than $600 in third party transactions, but the IRS is aware that not all transactions are taxable income. 

 

For instance, I often send money as a gift to relatives using Paypal. 

 

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