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February 14, 2023
Question

Hi, I don't own a business, but I sold some stuff onEtsy. I didn't make enough money for a 1099-k, but I just want to double check if I need to file any business stuff

  • February 14, 2023
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February 14, 2023

If you earned income on the things you sold, in other words if you sold them for more than what you paid for them, then you need to report the income on your tax return, assuming you are required to file one. If you don't expect to make a profit on the items you sell, then you probably have what is called hobby income. You would report that in TurboTax in the Less Common Income section and then Miscellaneous Income, 1099-A, 1099-C, and then Hobby income and expenses.

 

If you regularly sell items with a profite motive, then you most likely are considered to be in business by the IRS and you should then report the income as business income.

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