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?
01422
1 Replies
John-H2021
Employee Tax Expert
Aug 31, 2022 1:32:20 PM
Hello,
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.