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Business & farm
Yes, the IRS expects you to report ALL income from all sources. Since this was an attempt to earn money, you are considered to be self-employed and will need to include Schedule C on your return.
Fortunately, you can also claim any expenses you incurred in producing and selling your product.
Additional Information:
- Where do I enter Schedule C?
- What self-employed expenses can I deduct?
- Where do I enter the home office deduction for my business?
- Am I considered self-employed?
- If I didn't get a 1099, do I still need to report the income? Even if it's less than $600?
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‎February 11, 2024
1:29 PM