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Can I report income from selling on ebay and amazon?

I buy and sell products on amazon and ebay and want to know how to report it on my taxes. My sales are below the threshold that they have to report but it helps my return if I can report it myself.

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Patrice
New Member

Can I report income from selling on ebay and amazon?

Yes, you would report your income from selling on Ebay and Amazon.  

The IRS rules are clear: you must pay taxes on all personal and business income and that includes money you make selling on Ebay and Amazon.

On the bright side, if you do sell on eBay as a business you can deduct a number of business expenses, including the cost of inventory, listing fees, shipping, envelopes, packing materials, etc.
You might also be able to deduct things like the purchase of a computer for business use, office space (even if it's a home office), office supplies, and more.

The best TurboTax product for this would be Turbo Tax Self-Employed (Online) or TurboTax Home & Business (desktop) because these two versions handle the unique situations of independent contractors, freelancers and small business owners like you.

To enter this type of income in TurboTax Self-Employed or TurboTax Home To enter this in Turbo Tax Self-Employed (0nline) or Turbo Tax Home & Business (desktop):

  1. Start under the Business tab
  2. Click I'll choose what I'll work on
  3. In the "Business Income and Expenses" section, next to "Profit or Loss from Business", click Start or Update
  4. The next screen will ask "Did you have any income and expenses for a business in 2015?". Answer Yes.
  5. Follow the interview until you reach "Let's confirm your business info". Verify everything is accurate, then Continue
  6. You will be redirected to your business page. In the "Business Income" section, click Start or Update
  7. Next to "General Income", click Start or Update
  8. Manually enter a description and amount for this income here
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