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Business & farm
It depends. If you have expenses equal to or greater than the income you received, this activity may be considered a hobby and you are not required to report hobby income that results in a loss.
If you plan to pursue this activity for profit in the future, however, you will report all income and expenses on Schedule C. Business income is subject to self-employment taxes as well as income tax. Read more about this here: Reporting Self-Employment Business Income and Deductions
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‎June 5, 2019
10:57 PM