How to report profit made on craigslist for taxes?
November 28th, 2009
I made some profit selling on craigslist the other day and I want to know how to report this for tax purposes. Any help will be appreciated. Thanks.
I plan on making more than 0 in time. It’s kind of a business thing with ebay/ craigslist.
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If it’s basically a business buying and selling items, not just selling some of your old stuff, use schedule C and SE and form 1040.
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Report the income as miscellaneous income.
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is this a one time event or do you do this more or less as a business, as those who are using ebay as a form of employment
if you are doing more than a single transaction you probably need to file Sch C
if you made a huge amount, yes, reporting it as Misc income would be appropriate, but did you make like $600 on it?
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If you are selling your old stuff for more than you paid for it, it’s a schedule D item. (These losses are not deductible.)
If you are buying items specifically for resale and have a profit motive, it’s a schedule C deal. (Hobby is in between and is tricky. No SE tax, but you can’t deduct the expenses unless you itemize.)
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