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eBay sellers who earn over $600/yr

If I were to submit an answer to this question, then I estimate that my chances of saying "I do not report my ebay earnings" would be greater than the chances that I would say "I do report my ebay earnings"

*Runs and hides*
 
Nope, because after every 500 dollars I create a new account. Oh wait, I guess you can't create new accounts with the goverment... DAMN!
 
Yes. And I file state and local sales taxes, too. Right now I'm dealing with figuring out all the costs of goods sold, which is more troublesome than you might think, because I tend to get stuff in as mixed lots with various degrees of saleability.
 
Originally posted by: spidey07
why on earth would I?

I already paid sales tax on the item. Anybody out there claim the income when they sell a car?
Click to expand...

I don't know about the car thing, but you are supposed to declare income from sales of goods.

does ebay report anything to the IRS?
 
Originally posted by: Yossarian
Originally posted by: spidey07
why on earth would I?

I already paid sales tax on the item. Anybody out there claim the income when they sell a car?
Click to expand...

I don't know about the car thing, but you are supposed to declare income from sales of goods.

does ebay report anything to the IRS?
Click to expand...
And I doubt anybody but those who actually make a living doing it report.

It's like asking if you're going to report earnings from the huge garage sale you had.
 
What if you are just reselling something you purchased for personal use? Why would you have to claim income on something you are probably selling at a loss anyway?
 
Originally posted by: trmiv
What if you are just reselling something you purchased for personal use? Why would you have to claim income on something you are probably selling at a loss anyway?
Click to expand...
I was wondering this as well. I use to resell stuff for profit in college, but now I only use eBay to sell off my personal items
 
yeah you can make a killing with antiques if you know what you're doing. too bad it takes so much effort to learn what stuff is worth.
 
Originally posted by: Yossarian
yeah you can make a killing with antiques if you know what you're doing. too bad it takes so much effort to learn what stuff is worth.
Click to expand...
My thoughts exactly. I'd love to get into it....

I love browsing at thrift stores and the like, but I don't really know what to look for...
 
Originally posted by: spidey07
why on earth would I?

I already paid sales tax on the item. Anybody out there claim the income when they sell a car?
Click to expand...

How often do you sell a car for a profit?
 
Originally posted by: mugs
Originally posted by: spidey07
why on earth would I?

I already paid sales tax on the item. Anybody out there claim the income when they sell a car?
Click to expand...

How often do you sell a car for a profit?
Click to expand...

I made 12K on mine, so about every 3-4 years. That's 3-4K a year.

What I'm saying is I don't get the logic. CPA should know the answer to this.
 
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