@lil4o8kid wrote:
I contacted Turbo Tax and they said if we are reporting it as a Hobby, you can't have any deductions IE Shipping cost, COGS, taxes collected by eBay. That's insanely absurd. Is this true? So if my 1099-k says $30,000, they said you have extra income of $30,000..
Then do not report the income as a hobby. Report the income and expenses as a business on Schedule C.
Upgrade your online account to Self-Employed.
