I rent booth space at two different antique malls. I tag my items and they sell the items and also collect sales tax for these items.
How do I list what I am paid on my taxes without being double taxed? Since the mall is already collecting taxes.
Do I list this as business income?
Thanks
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Yes self employed RIGHT.
Whether you do get the 1099 form from THEM or you do NOT get the 1099 form from them you would still be required to Use your good daily written receipt books and records in order to correctly complete your 1040 income tax return during the 2013 tax filing season.
Self employed independent contractor using your daily written receipt book records to report your gross income on the schedule C or CEZ along with the SE to determine your NET PROFIT or LOSS from your business income during the tax year for this purpose.
SE your social security medicare tax amounts that you would OWE on your NET profit amount that would end up the page 1 line 12 from the schedule C and any SE tax owed page 2 line 56 and page 1 line 27 Deductible part of self employment tax attach schedule SE line 27 $$$ amount.
Starting, Operating, or Closing a Business
Starting a Business
Starting a business could be exciting. If you're considering starting a business, start here. This section provides information on everything from a checklist for a new business, to selecting a business structure, and more.
www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Starting-a-Business
www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Starting,-Operating,-or-Closing-a-Business
Hope that you find the above enclosed information useful. 06/26/2013
CarVolunteer
The mall is collecting sales taxes from customers and sending them to the state. This has nothing to do with income taxes you owe on the profits you make by selling items. What you get (the amount you receive not counting the sales taxes) is your revenue. From that you subtract all your expenses, to get your profit. Revenue, expenses,and profit show up on your 1040 Schedule C.
tro
that will depend on how the mall actually pays you
if they already deduct their commission(or the booth fee) and sales tax, you only claim as income the amount you receive and no expenses(except your cost of goods)
or
you can claim the full price, then claim the expenses they deduct including sales tax however you are not the registered sales tax agent and actually cannot charge and collect the sales tax
very likely you pay the booth fee entirely separate, not relying on selling anything to be able to have the fee deducted from the sales that are made of your merchandise
Connie
Is sale tax charged on booth rental fees in antique malls?