Looks like the IRS is pushing for auction taxes

[cubby1223]

I'd think it's targeted at those who basically run their whole business through eBay and do not report anything. You've got companies posting their entire inventory. That kind of money should certainly be taxed.

 

[Kelvrick]

Originally posted by: cubby1223
I'd think it's targeted at those who basically run their whole business through eBay and do not report anything. You've got companies posting their entire inventory. That kind of money should certainly be taxed.

Agreed.

Wonder how they're going to make the distinction. Maybe people who have an "ebay store?" Sounds like something that is way too open for abuse.

 

[Amused]

🙁

 

[b0mbrman]

Originally posted by: ChaoZ

Originally posted by: joshsquall
You made money. You should be paying taxes.

Even if you're selling something used?

Do you have to pay taxes when you buy/sell a used car?

Hopefully this law applies only to people whose primary income is selling items purchased solely for resale on Ebay.

 

[Feldenak]

Originally posted by: KK
I hope everyone who does a garage sale also gets taxed, plus everyone here on the for sale forum and craigslist. why stop at ebay, every transaction should be taxed.

Only if they turn a profit should they be taxed.

 

[Juddog]

Online tax

How many of you all will be affected by this?

 

[BrunoPuntzJones]

The majority of this stuff should be being reported anyway and it's not. Voluntary tax system, but when people don't volunteer the information uncle fed has to step in.

 

[Homerboy]

Originally posted by: BrunoPuntzJones
The majority of this stuff should be being reported anyway and it's not. Voluntary tax system, but when people don't volunteer the information uncle fed has to step in.

DING!
Nothing wrong with this law.

 

[ViviTheMage]

if they make it law, more people will have to do it, just like rising gas prices...it wont make people stop....

 

[Fern]

I'm a tax CPA. The profit from transactions is already taxable under current rules (and has been well b4 the internet was "invented").

I'm somewhat surprised Ebay and others aren't covered under existing rules. Brick & Morter consignment stores are required to file Form 1099 and report proceeds to sellers. I don't know why Ebay isn't.

Fern

 

[40Hands]

I say no to this. The government needs to stop wasting the money we are giving it in the first place.

Edit: I know you are already supposed to report these sales in your taxes. Like anyone really reports it all....

 

[Feldenak]

Won't affect me at all. Truth be told, I don't have a problem with the concept. If you turn a profit on selling merchandise you should be subject to the same taxation that B&M stores are hit with.

 

[GoPackGo]

I buy a movie for $10 and sell it for $5...yeah thats taxable....NOT!

 

[SSSnail]

Well good, about time I can claim losses from eBay. More write offs FTW!

 

[nakedfrog]

So... I had taxes deducted from my paycheck. Then I paid sales tax when I bought the item. Now I have to pay taxes again when I sell it?

 

[b0mbrman]

Originally posted by: nakedfrog
So... I had taxes deducted from my paycheck. Then I paid sales tax when I bought the item. Now I have to pay taxes again when I sell it?

Hmm....do retailers have to pay taxes when they buy stuff from wholesalers?

 

[ggnl]

Originally posted by: Feldenak
Won't affect me at all. Truth be told, I don't have a problem with the concept. If you turn a profit on selling merchandise you should be subject to the same taxation that B&M stores are hit with.

Yeah, I seriously doubt they're doing this to catch people selling their junk after they're done with it. There are quite a few people that draw a pretty large income from reselling goods on ebay.

 

[Homerboy]

I could have sworn that ebay etc already sent out tax papers to you if you sold $X worht of items on ebay in a calendar year. I know when I sold my new Rolex on ebay years ago they send me my forms come tax time.

 

[Fern]

q]Originally posted by: b0mbrman

Originally posted by: nakedfrog
So... I had taxes deducted from my paycheck. Then I paid sales tax when I bought the item. Now I have to pay taxes again when I sell it?

Hmm....do retailers have to pay taxes when they buy stuff from wholesalers?[/quote]

No. Retailers have to pay income tax when they later sell the product for a profit.

Originally posted by: b0mbrman

Originally posted by: Amused
http://forums.anandtech.com/messageview...atid=38&threadid=2035920&enterthread=y

Did you intend to do a circular link? 🙂

Looks like the mods combined two threads into one. Thus, the link is now "circular".

Originally posted by: Homerboy
I could have sworn that ebay etc already sent out tax papers to you if you sold $X worht of items on ebay in a calendar year. I know when I sold my new Rolex on ebay years ago they send me my forms come tax time.

That sounds about right. I'm not sure that this is anything new, I'd have to check the original IRS material to see. But it's not linked.

Fern

 

[daveymark]

Originally posted by: nakedfrog
So... I had taxes deducted from my paycheck. Then I paid sales tax when I bought the item. Now I have to pay taxes again when I sell it?

if you made money on it, yes. Get a Tax Exempt license for resellers.