I have an Etsy store which didn't qualify for a 1099. My expenses surpassed my profits so how do I file this? Can I use the Schedule C?

adamstumpf — Tue, 04 Jun 2019 19:29:38 GMT

Yes, you can use the Schedule C if you are handling your...

DanO — Tue, 04 Jun 2019 19:29:40 GMT

Yes, you can use the Schedule C if you are handling your Etsy store as a business as opposed to a hobby.

You will need to upgrade to TurboTax Self-Employed Online to be able to deduct all of your expenses.

The losses from your business can be used against any income that you have on your return from other sources which would lower your taxable income.

When your net profit gets $400 and more you will then begin to pay Self-Employment tax in addition to income tax.

If you file as a hobby then you would report your income as Other income on your 1040 Line21. The expenses can be taken up to your income level and would be reported on Schedule A itemized deductions in the amount that exceeds 2% of your adjusted gross income.

topic I have an Etsy store which didn't qualify for a 1099. My expenses surpassed my profits so how do I file this? Can I use the Schedule C? in Business & farm

I have an Etsy store which didn't qualify for a 1099. My expenses surpassed my profits so how do I file this? Can I use the Schedule C?

Yes, you can use the Schedule C if you are handling your...