thanks! However, I did gain, but only a couple hundred so I’m not sure how to file it. Is there an option to put in how much was spent vs the total that was earned?
Just like I said, you would complete Schedule D--not sure all the info they ask for, but the profit will transfer to your Form 1040. Visit the IRS site to get the form and instructions.
Alternatively, I am wondering if maybe you could just opt to complete Schedule 1 (other income). There you would input your profit and would state Hobby as income type. This amount would then transfer to 1040 line 8.