Where do i enter hobby income and expenses

amp38 · ‎May 31, 2019

INCOME IS DERIVED FROM FLEA MARKET AND SWAP MEETS. i TRIED TO ENTER INCOME BUT TURBO SEEMS TO INDICATE IT IS OFFSET BY EXPENSES WHICH EXCEED INCOME.

PatriciaV · ‎May 31, 2019

Yes, you may report hobby income and expenses equal to (but not more than) the hobby income.

To find this section in TurboTax, open your return, then go to My Account >> Tools >> Topic Search. Type in "hobby income, loss", then click the topic in the list and GO to go directly to the start of this section. Follow the prompts to enter your hobby income and expenses.

See also: IRS Business or Hobby? and Is Your Hobby a For-Profit Endeavor?

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PatriciaV · ‎May 31, 2019

Yes, you may report hobby income and expenses equal to (but not more than) the hobby income.

To find this section in TurboTax, open your return, then go to My Account >> Tools >> Topic Search. Type in "hobby income, loss", then click the topic in the list and GO to go directly to the start of this section. Follow the prompts to enter your hobby income and expenses.

See also: IRS Business or Hobby? and Is Your Hobby a For-Profit Endeavor?

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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Where do i enter hobby income and expenses