A while ago my family and I made a Poshmark account to get rid of some old household items. We had no luck with yard sales or anything like that so this was a great option. The site pays via direct deposit. Last year we ended up making a couple of thousand dollars. The vast majority of those items were just things we needed to get rid of, some stuff we sold for other people, old clothes, jewelry, etc. However, it was all ran through my name and my account. I know there was a couple of items that we made a profit on but I don't have any receipts. Since everything was ran through my name, I'm worried it'll look like I was making additional income or running a business which is not at all what was happening. Other this, I worked part time. I originally planned on just submitting the info on my w2, but now I'm worried about the money that was deposited from the account looking like additional income or looking like I'm not reporting income. Is this something that I should be concerned with or that I should make a note of? I know that the only items I would need to pay taxes would be the ones we made some profit on. Should I just give my best guess as to the actual profit?
You'll need to sign in or create an account to connect with an expert.
I didnt have a w2 but a 1099r how do I get rid of w2 on income>\?
it is highly unlikely that you made a profit on those sales. you likely would have a loss since it would be sales price vs their original cost (unless at some point you deducted their cost). since this would not be a profit-making activity there's nothing to report.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
maynardkat
New Member
esperanza-gfer
New Member
THECARLILES19
New Member
deekeoski
New Member
KaiserSD
New Member