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March 27, 2024
Question

1099-k tax question

  • March 27, 2024
  • 1 reply
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I show my art and sell a few pieces once a year for a convention as a hobby, I take card payments through square and this year I made enough to qualify for a 1099-k, I paid my sales taxes right after the convention ended but my question is this, When I received my 1099-k form it had my gross income listed (taxes and fees and all) and that seems to be the way square does it after reading through their FAQs, how do I list this as hobby income when I've already paid sales taxes on this amount but the 1099-k is stating the gross amount I made, I don't want to get taxed on a TOTAL AMOUNT twice?

    1 reply

    March 27, 2024

    Edited. 
    While you don’t have to pay self employment tax on hobby income, you can no longer deduct any expenses. 

     

    March 27, 2024

    I thought for hobby income you couldn't claim deductions or expenses, is that incorrect?

    March 27, 2024

    You are correct. I edited my response.