Hello,
So this year I did about $4500 in sales on Amazon and my account was linked to my personal bank. My amazon account has my SSN. Amazon only sends out 1099s if you pass 200 transactions/$20,000. Which I did not.
My questions are this.
Do I have to report this income? If so, what sort of taxes am I liable for? Do I have to pay sales tax on this? Income tax?
Also, what if my receipt for the products are from the year prior to the year in which the sales were made. Are paypal / credit card transactions enough to use as deduction / expenses.
If I sold an item for example a Pepsi. Do I report that as "Soda" or "Pepsi"
Another question.
I sold some other items on my eBay account which is linked to my paypal account. I withdraw about $1500 to a bank made separate for my ebay sales. Sales were about $4000 but profit about $1400 maybe. My SSN is not on this eBay/Paypal.
Do I still have to report this income, or is it considered a hobby?
So this year I did about $4500 in sales on Amazon and my account was linked to my personal bank. My amazon account has my SSN. Amazon only sends out 1099s if you pass 200 transactions/$20,000. Which I did not.
My questions are this.
Do I have to report this income? If so, what sort of taxes am I liable for? Do I have to pay sales tax on this? Income tax?
Also, what if my receipt for the products are from the year prior to the year in which the sales were made. Are paypal / credit card transactions enough to use as deduction / expenses.
If I sold an item for example a Pepsi. Do I report that as "Soda" or "Pepsi"
Another question.
I sold some other items on my eBay account which is linked to my paypal account. I withdraw about $1500 to a bank made separate for my ebay sales. Sales were about $4000 but profit about $1400 maybe. My SSN is not on this eBay/Paypal.
Do I still have to report this income, or is it considered a hobby?
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