Go Back  Quiltingboard Forums > Main
The IRS and your hobby >

The IRS and your hobby

The IRS and your hobby

Thread Tools
 
Old 03-31-2012, 09:41 PM
  #41  
Senior Member
 
Join Date: Nov 2010
Location: Oak Ridge,TN
Posts: 823
Default

Originally Posted by jaciqltznok View Post
starting this year NEW laws went into effect. That is why you have to file your social to have a paypal or any other online billing service now!
I didn't have to provide my social when I open my paypal account last month.
charlotte37830 is offline  
Old 04-01-2012, 12:13 PM
  #42  
Senior Member
 
pacquilter's Avatar
 
Join Date: Aug 2011
Location: Alaska
Posts: 661
Default

It's kind of an expensive hobby/business, so looks like there could be quite a few items one could write off if they have to claim it as income.
pacquilter is offline  
Old 04-01-2012, 01:24 PM
  #43  
Senior Member
 
Join Date: Feb 2011
Location: central indiana
Posts: 686
Default

Originally Posted by JANICE E. View Post
About ten or so years ago, I did craft shows it was away to be with my child growing up and making some extra money to help in family bills. Once IRS stepped in and came around booth to booth for a form to fill out so you could get taxed on the amount you made, is the time I quit crafting and going to all the craft fairs. I now just make things to give as gifts. Soon you'll pay for the air you breath!
Sorry, it was not the IRS but states do this to properly collect sales tax.
sweetana3 is offline  
Old 04-01-2012, 01:25 PM
  #44  
Senior Member
 
Join Date: Feb 2011
Location: central indiana
Posts: 686
Default

Originally Posted by Sewfine View Post
Yes, I can be a write off as a loss. Check IRS Publication 17 if you have to claim the money you earned. I was told a hobby can not be taxed. We all know that most of us do not sell our quilts for the real value they are worth. Time, supplies, notions, rulers, patterns, fabric (good quality is not cheap), electricity used, and not to mention the maintaince on the sewing machine. My understanding is that if you are not required to have a business license there should not be any taxation.
Sorry, the irs cares nothing about a business license. Drug dealers are required to report their income and I guarantee they dont apply for business licenses.
sweetana3 is offline  
Related Topics
Thread
Thread Starter
Forum
Replies
Last Post
Treasureit
General Chit-Chat (non-quilting talk)
12
09-04-2014 01:39 PM
KathyAire
General Chit-Chat (non-quilting talk)
15
10-12-2011 02:28 PM
redkimba
General Chit-Chat (non-quilting talk)
3
06-26-2011 08:05 AM
jaciqltznok
General Chit-Chat (non-quilting talk)
10
04-01-2011 01:40 PM

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Trackbacks are Off
Pingbacks are Off
Refbacks are Off



FREE Quilting Newsletter