Paypal - claming income for tax purposes

[SirChadwick]

I have been using paypal for some time now, but I don't have an online business. I buy movie memorabilia for my own collection and from time to time I will sell a piece I own. Sometimes these items will gross around $1000 each, but most of them go for around $200. I'd say that within the year I've probably sold off 10+ items amounting in over $4000 of income. Now like I've mentioned this is just my personal collection that I'm selling... it's not like I bought to resell for profit. Do I need to report all of this on my tax forms? I've been doing it for about 4 years and have never claimed it, nor have I had issues w/ the IRA. Let me know your experiences with this. All is appreciated. Thanks.

 

[allisolm]

Do I need to report all of this on my tax forms? I've been doing it for about 4 years and have never claimed it, nor have I had issues w/ the IRA.

3rd Annual AT Tax Time Thread

 

[tm37]

Originally posted by: SirChadwick
I have been using paypal for some time now, but I don't have an online business. I buy movie memorabilia for my own collection and from time to time I will sell a piece I own. Sometimes these items will gross around $1000 each, but most of them go for around $200. I'd say that within the year I've probably sold off 10+ items amounting in over $4000 of income. Now like I've mentioned this is just my personal collection that I'm selling... it's not like I bought to resell for profit. Do I need to report all of this on my tax forms? I've been doing it for about 4 years and have never claimed it, nor have I had issues w/ the IRA. Let me know your experiences with this. All is appreciated. Thanks.

The IRA is not concerned with your taxable income.

They just want Northern Ireland Freed

 

[allisolm]

Originally posted by: tm37

Originally posted by: SirChadwick
I have been using paypal for some time now, but I don't have an online business. I buy movie memorabilia for my own collection and from time to time I will sell a piece I own. Sometimes these items will gross around $1000 each, but most of them go for around $200. I'd say that within the year I've probably sold off 10+ items amounting in over $4000 of income. Now like I've mentioned this is just my personal collection that I'm selling... it's not like I bought to resell for profit. Do I need to report all of this on my tax forms? I've been doing it for about 4 years and have never claimed it, nor have I had issues w/ the IRA. Let me know your experiences with this. All is appreciated. Thanks.

The IRA is not concerned with your taxable income.

They just want Northern Ireland Freed

Can't believe I missed that. :laugh:

 

[jadinolf]

Originally posted by: allisolm

Originally posted by: tm37

Originally posted by: SirChadwick
I have been using paypal for some time now, but I don't have an online business. I buy movie memorabilia for my own collection and from time to time I will sell a piece I own. Sometimes these items will gross around $1000 each, but most of them go for around $200. I'd say that within the year I've probably sold off 10+ items amounting in over $4000 of income. Now like I've mentioned this is just my personal collection that I'm selling... it's not like I bought to resell for profit. Do I need to report all of this on my tax forms? I've been doing it for about 4 years and have never claimed it, nor have I had issues w/ the IRA. Let me know your experiences with this. All is appreciated. Thanks.

The IRA is not concerned with your taxable income.

They just want Northern Ireland Freed

Can't believe I missed that. :laugh:

:laugh:

 

[FoBoT]

I thought the IRA had disarmed? basically given up or quit trying to get northern ireland apart from britain?