Make sure you understand the difference between personal items, hobby sales, and business income. Each has different tax implications: Personal items: If sold for less than you paid, generally no tax impact. If sold for more, could be capital gains. Hobby income: Report full amount on Schedule 1, but post-2018 you can't deduct expenses (which sucks). Business income: Report on Schedule C, can deduct all legitimate expenses, but you'll owe self-employment tax. Your situation sounds like a mix of personal items and hobby sales. Document everything!!

I'm dealing with a very similar situation! I've been selling off my vintage video game collection on eBay after years of collecting, and I'm so confused about how to handle this tax-wise. Like you, most of my sales are actually losses when I compare what I originally paid versus what I'm getting now. One thing that's been helpful is creating a simple three-column spreadsheet: Original Purchase Price | Sale Price | Net Gain/Loss. This makes it crystal clear that even though eBay will report the gross sales on the 1099-K, the actual taxable amount should be much lower. I've been reading through all these comments and it sounds like the key is having good documentation. I wish I had kept better records over the years, but I'm doing my best to reconstruct what I can using old credit card statements and checking price history on sites like PriceCharting for video games. The hobby vs. personal property distinction seems really important here. Since you collected these for personal enjoyment and are selling due to space constraints (not to make a profit), it sounds like you have a strong case for treating many of these as personal property sales rather than hobby income. Definitely keep that detailed spreadsheet - it shows you're being thorough and honest about tracking actual gains and losses.

Just wanted to add that as a campus ambassador, you might be able to deduct certain expenses related to your work! Keep receipts for anything you spend promoting the brand (like if you have to buy supplies for events or use your phone for promotion). I did a similar program last year and was able to deduct costs for a ring light I bought for social media content, part of my phone bill since I used it for the work, and even some transportation costs to events. These deductions can help reduce the self-employment tax you'll owe.

Word of warning - make sure you set aside some money for taxes from whatever you earn as an ambassador! I did one of these programs last year and got hit with a surprise tax bill because I didn't realize I needed to pay quarterly estimated taxes. If you're going to make more than $1,000 in profit from this gig, you might need to make quarterly tax payments to avoid penalties. The IRS expects you to pay taxes throughout the year, not just at filing time.

What about expenses though? I deliver for multiple apps too and spend so much on gas and car maintenance that I barely make any profit. Do I still need to pay taxes if my expenses basically cancel out the income?

This is a really common misconception! The $600 threshold only determines whether a company has to send YOU a 1099 form - it has nothing to do with whether the income is taxable. Every dollar you earn from any source is technically taxable income that needs to be reported to the IRS. So yes, you absolutely need to report that $480 from UberEats along with your $780 from Instacart. The fact that they're from different companies doesn't matter - you'll combine all your gig income on Schedule C as self-employment income. Make sure you're tracking your expenses too! Since you're doing delivery work, your biggest deduction will likely be mileage. Keep a log of your business miles for both apps - you can use the standard mileage rate which is currently 67 cents per mile for 2024. Also track other business expenses like phone bills, delivery bags, etc. One more thing - since you're earning over $400 in self-employment income total, you'll also need to pay self-employment taxes (Social Security and Medicare) on top of regular income tax. Consider making quarterly estimated tax payments to avoid penalties next year!

Michigan resident here - filed same day as you and got my refund yesterday. Maybe double check your routing/account info?

I'm in the same situation! Filed my Michigan return on 2/9 and still waiting. The Michigan Treasury website is pretty slow to update compared to federal. I've heard from others that Michigan can take up to 6 weeks for processing this time of year, especially if you have any credits or deductions they need to verify. Try not to stress too much - you're definitely not alone in this wait!

Has anyone received their Mississippi refund after filing in March? I filed on March 15th and I'm trying to figure out if I should expect it before my mortgage payment is due on May 1st. In previous years it seemed faster, but everything I'm reading here suggests I shouldn't count on it.

I filed my Mississippi return on March 22nd and just received my refund yesterday (April 15th) - so exactly 3.5 weeks for me! I was pleasantly surprised since everything I'd read suggested 4-6 weeks minimum. I did e-file with direct deposit and had a pretty straightforward return with no credits or complications. For what it's worth, I never got any email notification - the money just appeared in my account. So there's definitely hope for those March filers! 🤞