MichaelG81
Expert Alumni

Investors & landlords

Yes, with other income, you must report all income over a specific threshold of 400, even if there's a loss because you have other income. 

 

According to the IRS: 

You have to file an income tax return if your net earnings from self-employment were $400 or more. If your net earnings from self-employment were less than $400, you still have to file an income tax return if you meet any other filing requirement listed in the [Form 1040 or your tax return from other income.] 

 

Same return.

 

You should get a year end summary of sales totals and sales tax paid for business expenses, plus rent or any other receipts you may have/get. It may create a loss, but because you have other income it must be reported. You need proof of all your expenses to enter with your personal tax return of your other income.

 

@KK472 

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