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123beth
Returning Member

Yard Sales and Flea Market Sales

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?  

1 Reply
John-H2021
Employee Tax Expert

Yard Sales and Flea Market Sales

Hello,

Yes the income should be tracked and reported on your tax return.

There are 2 ways to report the income.

  1. 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
  2. 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

https://turbotax.intuit.com/tax-tips/small-business-taxes/when-the-irs-classifies-your-business-as-a...

https://turbotax.intuit.com/tax-tips/self-employment-taxes/4-tax-tips-for-money-making-hobbies/L89qz...

https://turbotax.intuit.com/tax-tips/self-employment-taxes/beginners-tax-guide-for-the-self-employed...

 

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