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.
