Ebay sales

nikosgreb — Fri, 14 Feb 2020 19:34:34 GMT

How do I report eBay sales on 2019 taxes? It was a hobby and I did not receive any tax forms from eBay or PayPal. What form do I fill out on turbo tax?

Re: Ebay sales

HelenC12 — Fri, 14 Feb 2020 20:05:30 GMT

You're considered self-employed—even if it’s just something you do on the side, like drive for Uber, babysit, or blog.

Your taxes are handled differently than when you're an employee of a company.

As a self-employed individual you:

Will pay self-employment tax (because income tax and Social Security aren’t deducted from your pay)
Will get a 1099-MISC or 1099-K (unless you only accept cash or personal checks)
File a Schedule C, Form 1040 (this is how you report business expense or loss of income)
Can deduct money you spent on work-related expenses (like mileage, home office expenses, and mobile phone use)
Can estimate the taxes that are due and make quarterly estimated tax payments during the year

Get started by entering your income from self-employment. We'll handle the rest, from creating the forms you need to reviewing work-related expenses that can help reduce your taxes.

Related Information:

Source: TurboTax FAQ

topic Ebay sales in Get your taxes done using TurboTax

Ebay sales

Re: Ebay sales