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Hobby or business?
I started buying used lawn mowers from garage sales, estate sales, and Facebook marketplace 2 months ago. I repair them and then resell them on Facebook marketplace. I still work my full-time job. This started as just a way to occupy my time and make some extra money on the side, but now I’m wondering if I should be keeping track of the expenses and income to report this on my 2022 taxes. Is this considered a hobby or a business? How long will I have to do this for or how much income will I have to make for it to be considered a business if it’s not already? I don’t know anything about reporting additional income, everything I have googled is ambiguous, and I do not want to get penalized for doing things incorrectly.
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May 31, 2022
8:13 PM