I'm using turbo tax deluxe and looking to enter a 1099k paypal sent me, i only sold a little over $2000 worth of things on ebay is it still necessary to report it?
I was under the impression you needed to sell $20,000 or have 200 auctions in the state of Va.
I am only a individual that sells electronics once in awhile that i have previously bought to fund other purchases such as XBOX, PS4, Computers, Camera equipment etc.
If i must claim the $2000 i have sold can i also claim the ebay/paypal fees and the original cost of the item?
Thank You
You must claim all your income. If you are not in the business of sales and this is more of a hobby, or you are just selling used your own used items, you do not need to claim it as Self-employment income. However, you can't take expenses. Only on Schedule C are expenses allowed.
To enter hobby income and expenses in TurboTax please follow these steps:
You must claim all your income. If you are not in the business of sales and this is more of a hobby, or you are just selling used your own used items, you do not need to claim it as Self-employment income. However, you can't take expenses. Only on Schedule C are expenses allowed.
To enter hobby income and expenses in TurboTax please follow these steps:
Can you please explain what is considered a Hobby expenses in my case?
Thank You!
Taxpayers can usually deduct ordinary and necessary hobby expenses within certain limits: