USA Tax Filing

[xavi]

Hi,

I am working for a company. I also created a website just as a hobby for myself. I started selling some stuff on this website last year. I made around $6,000 but had to spend $5,000 for advertising $1,500-2,000 for the products and $500-1,000 for the fees etc. So I simply lost money. Paypal and the other payment gateway will not send me and IRS a 1099K form because I did not made the required amount which is $20,000 to issue a 1099K form. Should I report the lost to IRS? If so, how can I do it with turbotax?


Thanks

 

[Fahad k]

You have to report any income over $600, add a 1099 MISC under business section of your income on Turbo tax. Take all the deductions you just mentioned. Enter the amount as nonemployee compensation.