has anybody done an ebay seller this year? i know they are issuing 1099 for over 20,000 but i have not had one this year till later today. i am assuing it simply goes on sch c. also, he is 25 and he meets all other test to be his father's dependent but since his grossi income is over 3700 he can not be his parent's dependent. so even if he has enough expense to bring down the ebay proceeds which be over 20,000, to below 3700, i guess he still will not qualify to be a dependent since the rule says qualifying relatives could not have gross income of more than 3700. correct?
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Correct
Gross income is over $3700. Not a Qual Dep.."I am proud to pay taxes in the United States. The only thing is I could be just as proud for half the money." Arthur Godfrey -
Agree with above.
Reminder that "Gross Income" includes Gross income derived from business:
Schedule C, Line 1(d) is Gross Receipts
Schedule C, Line 5 is Gross Profit
Schedule C, Line 7 is Gross Income
Schedule C, Line 21 is Net Profit or LossDougComment
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Which means that it's measured after subtracting COGS. For an eBay seller, that could be significant.Originally posted by dtlee View PostComment
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The only way he would qualify as QR is if you do a support worksheet and prove that he did not provide more than 1/2 of his own support.Believe nothing you have not personally researched and verified.Comment
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