turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Hobby vs. Business?

Hello - I have read a few other threads talk about the IRS considering our side hustles a hobby vs. a business. I currently re-sell my kids' old clothes on eBay, Mercari, and a few other sites. I don't expect to make money, though the goal is to recoup some of the initial costs. For example, a shirt I purchased a few years ago for $10 would sell for $2. Would this be considered a hobby? When I read about how you can't deduce hobby expenses, does that mean all $2 would show as gross income? Would it take into consideration that I didn't exceed the value of the shirt? HELP! 

 

Thank you!

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply

Hobby vs. Business?

This is what the IRS says about Hobby vs Business:

 

https://www.irs.gov/newsroom/earning-side-income-is-it-a-hobby-or-a-business

 

 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies