Hello,
I am married, under 65, and unemployed. In 2017, I made some artwork for a small business that I sold for $50. I am getting conflicting information online about whether or not we need to report this on our taxes. Some say if it is a hobby, I need to report even if it was a $1. I don't necessarily consider it a hobby as I made the art with the intent to sell it. Another website said that if it is freelance or small business work, I only report if I made more than $400 income. I do not have a business license, so I'm not sure it this means the work is classified as freelance.
Do we need to report the $50, and if so, how should we do that? Thanks for your advice.
I am married, under 65, and unemployed. In 2017, I made some artwork for a small business that I sold for $50. I am getting conflicting information online about whether or not we need to report this on our taxes. Some say if it is a hobby, I need to report even if it was a $1. I don't necessarily consider it a hobby as I made the art with the intent to sell it. Another website said that if it is freelance or small business work, I only report if I made more than $400 income. I do not have a business license, so I'm not sure it this means the work is classified as freelance.
Do we need to report the $50, and if so, how should we do that? Thanks for your advice.