 What happens when 2 people claim the same child on a tax return? |
| We have court orders stating that my husband and I can file for both of my step sons on our tax return, b/c we are not getting any support from their mom. We got a call from out tax man stating one ... |
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 Taxed on bank account, is this legal? |
| can anyone give me advice on what to do with my bank please, last 4 months ive been getting taxed on my account, is this normal? not alot, no more than £5 but why should i be taxed on my account ... |
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 Poll: When did you file your return & when do you expect it? |
Im reading on here that some people got their returns today & some will get them tomorrow. I though January 30th was the first date?
When did you file?
When do you expect your ... |
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 HELP! I just got something in the mail saying I didn't file 2005 taxes!? |
| I had no clue. It was the first year I lived on my own. Yes, it's my responsibility, but I just didn't think about it. Now, I have no clue where I worked because I have had 2 and 3 jobs at ... |
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 Do i need to file for income taxes? |
| i just start my first job(first) last month, I have made only about $1000 after taxes, so do i need to fill out income taxes, please help, or should i just call H&R block or some other tax ... |
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 I have received a lottery winning notification from yahoo UK Ireland Whether it is genuine? |
| I have been asked to submit claim form to claim the prize amt from Yahoo UK Ireland Lottery Prtomotion. Is it genuine?... |
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 How much is $90000 after tax each month? |
I would like to know how much would I receive each month after tax on an annual income of $90000? Tx!
Additional Details
Hi, I am a single person w/no dependents and don't own a ... |
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 Has anyone with SSN ending in 10-18 receive their tax rebate through the mail yet? |
| On the website, it says that my husband and I will receive $1800 ($1200 for filing a joint return and $600 for our two dependents.) It's supposed to be mailed out next week, but I still have not ... |
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 Benefits ????????????? |
| hi, my wife, has not worked now for nearly, severn years, anpd has never claimed a penny since being off work with the kids, when she stopped work, she was told she would nort be entitled to any ... |
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 £20,000 salary. What will be monthly take home pay? |
My salary is £20,000 per year. What will be my monthly take home pay after tax & N.I. contributions. What % gets taken off?
Additional Details
i am a married man. My tax code is 503L... |
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 What happens to people who do not file income tax ? |
IRS will never recieve any form neither w2 nor 1099 that prove you recieve some payment this year
Additional Details
IMPORTANT
If any earned income will not be reported to IRS,,,in ... |
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speedemonstyr | If you sell an item on Ebay for a large amount of money will you owe the IRS anything? |
My friend who has lots of experience selling small items on Ebay is willing to help me sell an expensive timepiece on Ebay for a small commission from me.We know that Ebay and Paypal both will deduct their respective fees.But since the money from the sale will be deposited into his account, will the IRS come down on him and tax him for this money,and if they do ,what percentage will it be approximately?Just dont want my friend to be hit with taxes when he is helping me out with this sale. |
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viajero_intergalactico
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you are supposed to pay tax on ALL income (even from stolen goods)
i assume you bought the item, if you did, then you only pay income tax on the profit from the sale. not on the sale price.
the amount your friend would pay in income tax depends on what tax bracet he is in.
the thing about selling on Ebay is that there is always a record of the sale so the irs may find out about the sale some day. if you sell for cash at a flea market the no record will be made. |
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been_there_done_that
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Income from ebay should always be reported. Otherwise, in the case of an audit, the ebay accountholder could be in a world of trouble. There are specific rules that vary by state on when/what/how much needs to be reported by the IRS. If your friend sells (even small items) they should know the rules for reporting the income and abide by them. |
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Deliah
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How much did you pay for the timepiece and how much will you sell it for, less expenses of the sale? If this is a positive number it is a capital gain and is reported to the IRS on a Schedule D.
Will there be taxes on this figure, that depends on the rest of your tax return. |
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bostonianinmo
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If you sell an item on eBay at a profit you are REQUIRED to report the sale and pay any taxes due.
If you sell it for less than you paid for it, no tax would be due and if you're running a business on eBay it would reduce your taxable income. If it's just a casual sale, no tax deduction can be claimed.
It's never a wise idea to sell something for someone else on eBay. Anyone can get an eBay account and that will simplify things quite a bit. If the amount of the sale is large it could trigger interest from the IRS in your friend's tax situation though that is unlikely. If he does sell it for you, make sure that you have a written agreement in place regarding the terms of your agreement, just in case he gets audited for any reason.
He WILL have to claim the commission that you pay him as income, however, even if the item is sold at a loss. There is no question that that is taxable income to him! |
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Steve
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Your friend will have to report the commission that you pay him.
In your case, if you are selling a personal item, any gains (using the net proceeds meaning after all expenses) will need to be reported on Schedule D. If you sell for a loss, then it is not deductable. |
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Sage M
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depends normally the person who recieves them has to |
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cutie
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you are supposed to declare that income on your tax return when you file, do most people do it? no! does the irs care? probably! and they will most likely find a way some day to tax you on it, but for now they dont. |
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D S
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Because he is providing a service he should pay applicable income and maybe state tax on the commision he gets from you. Pay him under the table if you don't want him to be taxed |
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Joseph293432
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No, the IRS can't tax direct revenue from the sale. They take their cut when the item is sold on eBay from the seller.
But you're right, the respective fees will still be there from Paypal/Ebay. |
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Jack S
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No the IRS will not track him down. Unless your friend runs a "store" or business on eBay then the IRS will look at that as income. |
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Luizz
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no you will owe ebay and they will make sure the irs gets something too |
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