Yes, your records will suffice as backup detail to the numbers on your tax return. It's possible the IRS will want to review your return at some point and this will provide the necessary information they may request. You should report all of the income and expenses for this activity on your individual income tax return for the year.
If this is self employment income you will need to upgrade to TurboTax Self Employed version. TurboTax will walk you through the upgrade and maintain any data already entered.
Many United States (U.S.) citizens and resident aliens receive income from foreign sources. There have been recent reports about the interest of the Internal Revenue Service (IRS) in taxpayers with accounts in Liechtenstein. The interest of the IRS, however, extends beyond accounts in Liechtenstein to accounts anywhere in the world. Consequently, the IRS reminds you to report your worldwide income on your U.S. tax return.
If you are a U.S. citizen or resident alien, you must report income from all sources within and outside of the U.S. This is true whether or not you receive a Form W-2 Wage and Tax Statement, a Form 1099 (Information Return) or the foreign equivalents. See Publication 525, Taxable and Nontaxable Income, for more information.
Below are the reasons someone may want to file From 3250, which doesn't apply to you unless you have one of the situations listed.
U.S. persons (and executors of estates of U.S. decedents) file Form 3250 to report
:
- Certain transactions with foreign trusts,
- Ownership of foreign trusts under the rules of sections Internal Revenue Code 671 through 679, and
- Receipt of certain large gifts or bequests from certain foreign persons.
