How much can I make from a hobby until I pay taxes?
GuestFebruary 11, 2019 10:23 amPersonal FinanceComments Off on How much can I make from a hobby until I pay taxes?0 views
Did a bit of searching for this question and all of the answers seem to include job pay. I’m thinking of starting a hobby and selling my works. However, I already have a job making roughly 35k/year. I most definitely file for that, but when would I start to include extra money from my hobby? Do I need to prove it as well or just yell them the amount? Thanks.
You report anything you make
All income from the hobby needs to be reported.
If you want to sell your works, it would be more prudent to say this is a self-employment business with a profit motive, if you think you'll be profiting 3 out of 5 years. Then you can deduct business expenses (such as for materials). If you treat it as a hobby, you can't deduct any of your expenses (due to tax reform).