General Business Income

[mhr1]

The only income I have related to this Schedule C self-employed business income/sales is the liquidation of misc items sold through eBay. Do I enter that amount under General Business Income?

It is common in my line of business that, even though I have no sales for a year, I continue to develop concepts and unsaleable models that might relate to a future paying project. So, I do have expenses/deductions to itemize for this business. That is not a problem, correct?

[Bsch4477]

Income is reported as income on Sch C.  The IRS will only allow you to claim losses on your business for three out of five tax years.

[mhr1]

Do I list eBay misc. sales as income?

[Bsch4477 · Accepted solution]

It’s income if you made a profit.