RevolutionaryBill285
RevolutionaryBill285 OP t1_ja95fh7 wrote
Reply to comment by shadracko in Forgot to include side hustle income on taxes. Advice please? by RevolutionaryBill285
The sales of items I sold are on record, but the prices I paid for each item BEFORE selling are what’s lost to the void
RevolutionaryBill285 OP t1_ja93azm wrote
Reply to comment by nozzery in Forgot to include side hustle income on taxes. Advice please? by RevolutionaryBill285
That’s part of the problem, I did a sort of spring cleaning of my email a while back and don’t have a lot of those purchase confirmations :/
RevolutionaryBill285 OP t1_ja8zfe9 wrote
Reply to comment by shadracko in Forgot to include side hustle income on taxes. Advice please? by RevolutionaryBill285
Wouldn’t that technically be tax evasion at that point?
RevolutionaryBill285 OP t1_ja8z2nm wrote
Reply to comment by nozzery in Forgot to include side hustle income on taxes. Advice please? by RevolutionaryBill285
I think (correct me if I’m wrong) the 3 year rule is only for getting a refund from the irs, right? And the problem with deducting expenses such as what I originally paid for the items is that I don’t have a huge portion of the receipts for those items. Do I have to just declare all of what I received as a payment at that point?
RevolutionaryBill285 OP t1_ja8yqu0 wrote
Reply to comment by puddinfellah in Forgot to include side hustle income on taxes. Advice please? by RevolutionaryBill285
I was about half of the time. One of my hobbies is to collect rare vintage clothing, so it’s natural that lots of it would retain/increase in value. Yes I was turning a profit
Submitted by RevolutionaryBill285 t3_11difrq in personalfinance
RevolutionaryBill285 OP t1_ja99wwb wrote
Reply to comment by nozzery in Forgot to include side hustle income on taxes. Advice please? by RevolutionaryBill285
Okay, I’ll try the best to dig through my bank statements and estimate some things. Appreciate your help!