Q. 1. Do I need to file anything on my taxes?
A. 1. Yes. How you file is a separate question. You have to decide was this a hobby or an intent to make money. More below.
Q. 2. If so, is it done separately or on the same filing as my other income (I also work full time job)?
A. 2. Same filing as your other income, possibly with another form being generated
Q. 3. Should I receive something from the antique store for tax filing purposes?
A. 3. Usually yes, a form 1099-MISC or possibly 1099-NEC. But, if you haven't received it by now, you probably won't be getting one. You may have to ask the owner.
You cannot claim a loss from hobby activity, but must claim the income. Expenses are not deductible, but "cost of goods" sold are. You almost certainly want to claim this as self employment income, and claim the loss. TurboTax (TT) will generate Schedule C.
In TurboTax (TT), enter at:
- Federal Taxes tab (Business in Home & Business)
- Wages & Income
Scroll down to:
- Business Items
- Business Income & Expenses (Sch C)
