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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.
To learn more about this topic, click here.
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