I have expenses and some income from reselling i did in 2023. I do not have a business; it's all been done under by name. Am I able to use them on my taxes?
I have expenses and some income from reselling i did in 2023. I do not have a business; it's all been done under by name. Am I able to use them on my taxes?
Yes, you not only can use your reselling income and expenses on your tax return, you are required to report it on your tax return. It's considered self-employment income even if you haven't named your business.
Here's how to get started reporting your reselling income and expenses:
Sign in to TurboTax.
Select Income & Expenses.
Select Start or Revisit to the right of Self-employment income and expenses.
Enter Reselling as the description of your business.
Answer the questions according to your situation.
When you get the screen, Let's enter the income for your Reselling work, select the type of form you received to report your income. If you didn't get a form select Other self-employed income, includes cash and checks, then Continue.
Keep answering the questions until you report all of your income and expenses for this activity.
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