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Yes, if you are not in the business of regularly selling pictures you should report the transactions as hobby income. Expenses can be used to the extent of income if you can itemized deductions. TurboTax will ask you for the expenses at the same time you enter the income and will provide the best result for your tax situation based on all your entries.
Note: This will require an upgrade to TurboTax Deluxe because it will require a Form 1040. TurboTax will walk you through this process and maintain all your data. This type of income is not allowed to be reported on a Form 1040EZ or 1040A.
Yes, if you are not in the business of regularly selling pictures you should report the transactions as hobby income. Expenses can be used to the extent of income if you can itemized deductions. TurboTax will ask you for the expenses at the same time you enter the income and will provide the best result for your tax situation based on all your entries.
Note: This will require an upgrade to TurboTax Deluxe because it will require a Form 1040. TurboTax will walk you through this process and maintain all your data. This type of income is not allowed to be reported on a Form 1040EZ or 1040A.
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