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?
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.
