This may be a stupid question

[Hankerton]

If I were to start building my own poker tables and selling them on ebay, would I have to report the extra income as a part of my taxes? I came up with this idea just for fun and thought I could make a little extra coin. I love building stuff. Just need some details on how to go about doing so.

 

[gigapet]

yes

 

If it is over a certain amount, yes.

 

[Hankerton]

Originally posted by: SampSon
If it is over a certain amount, yes.

Any idea of what the amount is?

 

[gigapet]

Originally posted by: Hankerton

Originally posted by: SampSon
If it is over a certain amount, yes.

Any idea of what the amount is?

$0.00

technically any and all income must be reported. you may not be taxed on it but it still must be reported.....thats technically though....what you can get away with......im not too aware.

 

[RobCur]

some people do it out of fear of ignorance but i believe it isn't required, for deduction to pay less tax which will send a red alert to the IRS that you're doing something illegal to steal profits from them. don't be a dork, keep quiet and report nothing! Would you tell them that you sold something for 100 bucks to your neighbor or stranger and pay a hefty taxes on something that cost you a 200 dollars? seriously, some are that stupid! if you dont have the receipt for that 200 you paid for, you are in deep !@#$ by doing so. it's too much hassle and you're accountant is going to charge you more, fvcking scam.

 

[RobCur]

Originally posted by: gigapet

Originally posted by: Hankerton

Originally posted by: SampSon
If it is over a certain amount, yes.

Any idea of what the amount is?

$0.00

technically any and all income must be reported. you may not be taxed on it but it still must be reported.....thats technically though....what you can get away with......im not too aware.

THAT'S BS, YOU SOUND LIKE AN IRS EMPLOYEE :|

 

[Hankerton]

So I would basically be okay just as long as the income from selling these things (hypothetically) did not take off?

 

[Kelemvor]

Pretty sure it's $500 or so. Friend of mine used to do some modelling on the side with various companies. If she didn't make more than $500 with a certain company, she didn't have to do anything with it.

However, if you create your own company and sell them, then you have to report it regardless.

Of course, I don't know that the IRS monitors eBay to see who's doing what to come get you later.

 

[richardycc]

you are ok as long as the IRS don't knock on your door.

 

[Hankerton]

Originally posted by: richardycc
you are ok as long as the IRS don't knock on your door.

Yeah, thats what I'm trying to avoid genius, just want a new project to work on.

 

[RobCur]

Originally posted by: Hankerton

Originally posted by: richardycc
you are ok as long as the IRS don't knock on your door.

Yeah, thats what I'm trying to avoid genius, just want a new project to work on.

No transaction on ebay is reported to irs as income! private garage sale(none of anyone's fvcking business). You can if you like out of fear like the rest of the bunch of fearful sheeps, may as well report your illegal copying of movies as well to the authority so they can put you in jail asap. people in general are stupid, don't listen to any of them. most of the time, don't even know what their talking about.