My Child (under 16) has bought and sold a few items for profit. His profits total is well less than $600 dollars, but gross sales are are about $600 or slightly above, does he have to file taxes for his profits?
Hi @pcbruin1! If this is something your child is doing regularly and with an intent to turn a profit, and if it's his only income for the year, the filing requirement is if his net self-employment earnings (income after taking expenses into account) are more than $400. If he made over $600 selling on a single platform, he may receive a 1099-K reporting the income, and in that case I'd recommend filing a return even if the net earnings are less than $400. You may also want to check your state filing requirements.
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