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Business & farm
@eedw9 wrote:Does it have to be reported on Schedule C? Could it be reported as "Hobby Income", especially if the child is a full time high school student and just does this on the side?
Generally, if it is an ongoing activity with the intent to make a profit, it would be a business on Schedule C. However, you should look at the "nine factors" to decide if it is a business or if it is a hobby.
https://www.journalofaccountancy.com/issues/2013/oct/20138370.html
‎January 4, 2024
11:11 AM