Antique Booth Rental

[KK472]

I rented a booth an antique mall for about 6 months.  I paid rent plus a percentage of sales was deducted by the owner.  I had a sales tax ID but the owner collected all sales tax.  All in all, after 6 months I decided to stop as I had not made any money - in fact I had lost money. I didn't make enough to completely cover the cost of the booth, not counting the cost of things that I had sold. 

Few questions-

1. Do I need to file anything on my taxes?

2. If so, is it done separately or on the same filing as my other income (I also work full time job)?

3. Should I receive something from the antique store for tax filing purposes?

[MichaelG81]

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 

[Hal_Al]

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)