Internet Revenue

[jack2k3]

What is the name of your state? CA

If someone receives revenue from the Internet (such as advertising), how should that be reported, on which forms, and where?

Also, is there a minimum amount that does not need to be reported? For example, if one year only $300 total revenue from the Internet were received, does that need to be reported, or must every dollar be reported?

Thank you for any help!

 

[Snipes5]

Every dollar must be reported.

If it is a hobby, you can put the income on line 21, and deduct expenses as a
miscellaneous deduction on Schedule A, if you itemize, but you can only take expenses up to the amount of income.

If you are trying to start a business, or if that is your intention, it should be reported on Schedule C, you can claim all your expenses, but your profit over $400 is subject to self employment tax.

That's it in general.

Snipes