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Deductions & credits
Follow these steps to declare this income and it's subsequent expenses on your return:
- Log in to your TurboTax Account
- From the main upper most tab select Federal Taxes
- In the secondary tab select Income and Expenses
- Scroll down to Less Common Income and select Show More
- Once the screen drops down select Start in Miscellaneous Income
- Then select Start to enter Hobby Income and Expenses.
The program will walk you through the process of declaring this income and any expenses related to its activity. Please note that the expenses cannot create a loss. Additionally they must deducted through Schedule A and are capped at 2% of you AGI.
May 31, 2019
8:06 PM