Do you claim Sythe profits?

Just a question i filed my taxes the other day and the woman asked me if i was making any other profits somehow, i thought to my self do people actually claim the profits they make off of sythe?


Interested to hear peoples thoughts on this!

 

Why would I tell thieves that I have money?

 

The straightforward answer is only a very few handful of people claim their Sythe profits.

At the end of the day you need to ask yourself is Sythe a business or a hobby?

• Are your losses beyond your control?
• Do you depend on income from Sythe?

Most times the IRS classifies your "business" as a hobby.

Also the fact that if you were audited, you would not have extensive accurate records. The IRS is fairly good at distinguishing between a money-making hobby and a money-making business.

Legally are you required to report your profits? Yes. If I were you would I have reported the Sythe profits? No. I would have not claimed your Sythe profits just because it gets messy and is an unnecessary hassle.

The handful that do report their profits most likely want to get a LLC for their business.