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Selling on Mercari
Hi! I made more than $600 by selling things from around my house. How does this impact my taxes?
August 31, 2022
9:15 AM
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Self employed
You would need to report the income on your tax return and pay the tax on it.
There are 2 ways to report the income.
1. If it is a hobby then the income is reported on schedule 1 for the full amount of the 1099 no expenses allowed to be taken
2. If it is a business then it would be reported on a schedule C (self-employed income). Yu would report the 1099 as income and then deduct the expenses you have against making that income.
Here are a few helpful links
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August 31, 2022
11:56 AM