topic General Business Income in Deductions & credits

General Business Income

mhr1 — Tue, 24 Feb 2026 07:40:01 GMT

The only income I have related to this Schedule C self-employed business income/sales is the liquidation of misc items sold through eBay. Do I enter that amount under General Business Income?

It is common in my line of business that, even though I have no sales for a year, I continue to develop concepts and unsaleable models that might relate to a future paying project. So, I do have expenses/deductions to itemize for this business. That is not a problem, correct?

Re: General Business Income

Bsch4477 — Fri, 20 Oct 2023 19:23:57 GMT

Income is reported as income on Sch C. The IRS will only allow you to claim losses on your business for three out of five tax years.

Re: General Business Income

mhr1 — Fri, 20 Oct 2023 19:29:56 GMT

Do I list eBay misc. sales as income?

Re: General Business Income

Bsch4477 — Fri, 20 Oct 2023 19:44:58 GMT

It’s income if you made a profit.