can i sell at the farmers market, and not be required to report it ,since i am on social security .it is not required that i have abusiness license. i thank you
Asked on 2/10/10, 5:39 pm
1 Answer from Attorneys
Ronald Cappuccio
Ronald J. Cappuccio, J.D., LL.M.(Tax)
Any items you sell, whether at a Farmer's market, or in the store, would be considered gross income. You would have to file a schedule C. on your 1040 tax return. This would be a separate business for you. It is important that you keep good records of your sales as well as your expenses so that your tax return is accurate and you get the maximum deductions.
I hope this helps!
Ron Cappuccio
856-665-2121
www.TaxEsq.com
Answered on 2/18/10, 8:35 am
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