Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
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...

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.46m
Members

2.57m
Discussions

Manage cookies
v