Do I have to keep track of Yard Sales and Flea Market sales, if I do it as a hobby and side gig? Should I keep track of revenue for tax purposes?
Yes the income should be tracked and reported on your tax return.
There are 2 ways to report the income.
- If it is a hobby then the income is reported on schedule 1 for the full amount of the 1099 no expenses allowed to be taken
- If it is a business then it would be reported on a schedule C (self-employed income). You would report the 1099 as income and then deduct the expenses you have against making that income.
Here are a few helpful links
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