Based only on the info provided, Kevin's computation is correct and your taxable income will be $5,000 (assuming the expenses are deductible).
The real issue is whether you are a business or this is just an occasional sale. The rules are quite different between a business and hobby activity.
I agree, you should consult your regular accountant since there is more that needs to be considered than can be discussed here, such as why are we discussing 2014 figures and not 2015?
|