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is this a hobby or a for-profit business -
you can deduct expenses either way, but if it is a hobby, the loss is not deductible.
please read below
https://www.irs.gov/pub/irs-news/fs-08-23.pdf
There is no $500 threshold. All income must be reported, no matter how small it is.
is this a hobby or a for-profit business -
you can deduct expenses either way, but if it is a hobby, the loss is not deductible.
please read below
https://www.irs.gov/pub/irs-news/fs-08-23.pdf
There is no $500 threshold. All income must be reported, no matter how small it is.
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