Hello, I’ve been making some sculptures and some small jewelry to sell. I’ve been thinking about selling via consignment but I’m not sure if I would be taxed for it.
There’s 3 sculptures and 4 sets of jewelry. The place I plan on selling by consignment has a 50% fee and my price is going to be 120$ for each individual sculpture, and 20$ per jewelry set.
If everything were to be sold, it would total 420$ in net profit. However, because the consignment fee is 50%, the consignment shop and I get 210$ each.
I’m in Texas, and from what I’ve seen, you pay federal income tax if you’ve made a total more than 400$.
I’m a 20 y/o college student, this is the first time I’m ever doing something like this and I will not be doing it again for a long time. Additionally this is my only source of income.
My question is, do I have to pay income tax (or any other kind of tax)?
