Ebay and Taxes

bigss75 · 08-14-2007, 08:36 PM

I know the government is going after profits made from ebay/amazon, but what amount do you think is the minimum before I have to declare on my taxes
I probably sell around at most 1500-2500 dollars/year worth of used stuff like textbooks, baseball cards, and used household stuff.

I figure if I was making 10g or more it would be one thing to declare but mine is pretty much chump change.

min0 lee · 08-14-2007, 08:47 PM

When will this take place?

**Prince** · 08-14-2007, 10:19 PM

you're supposed to declare all income on your taxes, but if you did not claim any of the Ebay profits it's not like you will get caught.

TCAP28 · 08-14-2007, 10:31 PM

Quote:

Originally Posted by bigss75

I know the government is going after profits made from ebay/amazon, but what amount do you think is the minimum before I have to declare on my taxes
I probably sell around at most 1500-2500 dollars/year worth of used stuff like textbooks, baseball cards, and used household stuff.

I figure if I was making 10g or more it would be one thing to declare but mine is pretty much chump change.

Actually, if there are your used old stuff, I believe you don't need to declare, because you are selling them at a loss. If you are buying other people's stuff and making a profit, then you have to declare.

**Prince** · 08-14-2007, 10:45 PM

I am pretty sure that the IRS sees income as income regardless and it is supposed to be reported as such.

bigss75 · 08-15-2007, 02:35 AM

Ive made about a grand this year selling textbooks and car audio equipment.

So the majority is saying I shouldn't declare unless this was my primary of source of income or if it was wholesale?

FishOrCutBait · 08-17-2007, 03:39 AM

Quote:

Originally Posted by bigss75

Ive made about a grand this year selling textbooks and car audio equipment.

So the majority is saying I shouldn't declare unless this was my primary of source of income or if it was wholesale?

correct.

youll probably get away with it.

i have upwards of 8000 dollars unaccounted for added to my bank account, between tips and graduation presents from my family, and I havent had the feds knock down my door yet.

08-14-2007, 08:36 PM	#1
bigss75 Let Me See Yo Grill Elite Member Join Date: May 2002 Location: Colorado Posts: 5,123	Ebay and Taxes I know the government is going after profits made from ebay/amazon, but what amount do you think is the minimum before I have to declare on my taxes I probably sell around at most 1500-2500 dollars/year worth of used stuff like textbooks, baseball cards, and used household stuff. I figure if I was making 10g or more it would be one thing to declare but mine is pretty much chump change.

08-14-2007, 08:47 PM	#2
min0 lee I See© Elite Member Join Date: Oct 2004 Location: The Bronx, NYC Posts: 31,671 Blog Entries: 3 Photos: 542	When will this take place?
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08-14-2007, 10:19 PM	#3
Prince the one & only Administrator Join Date: Nov 2000 Location: Colorado Posts: 33,520 Blog Entries: 25 Photos: 313	you're supposed to declare all income on your taxes, but if you did not claim any of the Ebay profits it's not like you will get caught.
	SBMuscle.com - Discount Supplement Superstore AlltheWhey.com - Bulk Protein Powders CEM Products - Research Chemicals & Supplements MusclePharm - Complete Nutritional Arsenal BigBackGrips - If you lift weights you've got to try these grips!

08-14-2007, 10:45 PM	#5
Prince the one & only Administrator Join Date: Nov 2000 Location: Colorado Posts: 33,520 Blog Entries: 25 Photos: 313	I am pretty sure that the IRS sees income as income regardless and it is supposed to be reported as such.
	SBMuscle.com - Discount Supplement Superstore AlltheWhey.com - Bulk Protein Powders CEM Products - Research Chemicals & Supplements MusclePharm - Complete Nutritional Arsenal BigBackGrips - If you lift weights you've got to try these grips!

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08-15-2007, 02:35 AM	#6
bigss75 Let Me See Yo Grill Elite Member Join Date: May 2002 Location: Colorado Posts: 5,123	Ive made about a grand this year selling textbooks and car audio equipment. So the majority is saying I shouldn't declare unless this was my primary of source of income or if it was wholesale?