Welcome Guest. Register Now!  



 
 
LinkBack Thread Tools Search this Thread Display Modes
Prev Previous Post   Next Post Next
  #1 (permalink)  
Old 10-13-2015, 03:53 AM
Junior Member
 
Join Date: Oct 2015
Posts: 1
hobby or business?

I am reselling a product (office paper) to a business which will generate a 1099 (less than $5k). I purchase the retail product (add small mark up to cover costs of gas, time etc) resell and deliver to the business. I do this to generate airline miles. Cost vs sale of product will be less than $500 profit. If I deduct for auto expense/labor it will be less. I don't really want to have this as a business but am not sure if I can claim it as a hobby. My intent is to generate airline miles so I can travel...not make money.

If I can claim this as a hobby, where/how do I offset my (cost of goods?) to my 1099 misc income?

The reason I do not want to claim this as a business is I do not want to get involved with the city and a license. I am also not sure how long this will actually last. Perhaps another year but maybe even not that.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
 


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

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

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


Similar Threads
Thread Thread Starter Forum Replies Last Post
How to calculate business mileage for mixed business/personal trips? CarlD Auto Expenses 1 10-06-2015 05:42 PM
Hobby Expense Question rauch0812 Miscellaneous 1 06-24-2014 11:04 AM
Trying to file with hobby income, keep getting warning derekcentrico For 2013 2 02-02-2014 05:14 PM
What would be deductible business expenses for my new retail business? frankietan Sole-Proprietorship 0 05-05-2008 07:30 PM
How can I take advantage of business losses in my unincorporated business? larry Sole-Proprietorship 1 01-24-2008 06:15 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.