 Has anyone within the range of 21-75 received stimulus payment yet this week? |
If so, were any of your deposits scheduled to be direct deposited on the 9th per the "Where's My Stimulus Payment" link? Thanks...just curious!
Additional Details
I ... |
|
 Can I claim my ex boyfriends 13 year old daughter when I fill my taxes? |
| My boyfriend and I were togather for almost 3 years. He and his daughter moved out this October. However since the address where they lived was mine for the last year...can I legally claim her on my ... |
|
 My wife was told by her employer that her income is too low to withhold federal income tax. Please explain? |
| The employer has been withholding tax for the past year. The last two paychecks had none withheld. The employer changed software that prepares the payrollrecently. Since the change, no taxes are ... |
|
 Has anybody gotten their rebate checks yet or know someone who has? |
i asked b/c a lot of people claimed they have or know someone who has gotten theirs on friday may 25 th already do you'll think it's true or they may be bluffing?
Additional Details
|
|
 Sears didn't withhold any federal income tax for the whole year!!! Do I have to pay 1200??? |
| I worked for sears last year and I just found out they did not withhold any federal income tax for the year of 2007?!?! They had me in their system as exempt??? Is there anything I can do to not pay ... |
|
 How long do I need to be married before I can receive my husbands social security benefits? |
| I want to know how long I need to be married before I qualify for my husbands social security benefits, he is in poor health and I have been married to him 9 years.... |
|
 I HATE SCHOOL TAXES! Why should we pay them? |
| The teachers in my area are CONSTANTLY going on strike for more money and they already earn like $90 an hour. People who have no kids or who have kids who go to private school (like me, NO i dont ... |
|
 Where the hell is my tax rebate check? |
| both me and my husbands ss# end in 72-74. We qualify to get the 1200. We efiled through turbotax but paid out of our own pockets for the filing fee. I remember that turbo tax asked me when i filed if ... |
|
 How do you report someone for falsely claiming a dependent child on their taxes? |
Additional Details
look... the situation is that the child has lived with my mother for over two years now, but the childs mother thinks she has the right to claim him on her taxes. W... |
|
 Can i claim myself at 18 ? |
Your Open QuestionShow me another »
Can i claim myself at 18 as a dependent?
okay i turned 18 recently and my foster parent said that i could claim myself. no one else is claiming me my ... |
|
 Has anyone received their IRS rebate check? |
| they were supposed to come out early did you get yours? i didn't get mine yet.... |
|
 What can happen if I don't file my taxes? Fines, jail? :-/? |
Additional Details
I do plan on doing it, this is pure curiosity.... |
|
 Do not use Jackson Hewit to do you taxes!? |
| Has anyone else ever been messed up by useing them let me know ... |
|
 Accounting question - Can borrowed money be considered a profit? |
Is there an accounting rule, definition or principal that says borrowed money cannot be treated as a profit? Please cite source. Thanks!
Additional Details
The important thing is a ... |
|
| I receive my W-2 form today and it seem odd.? |
| Well i got my W-2 Form in the mail today and it seems very odd because looking at my last paystub i made around $500ish. but the W-2 from that job says $711. This was my new job and the one im ... |
|
 If i buy something for $160.00 how much would it be all together with tax? |
| i am buying a guitar and i only have 180 and the guitar i want is 160 how much with tax would it be i dont matter if it matters but i live in CA... |
|
|  |
docsavage80 | Income from Ebay taxable? |
Is income from Ebay taxable? I ask because many of the things that I am selling I can't recall how much I spent on them-I picked them up at thrift shops, used book stores, the Family Thrift Center on the Neponset River, Buck a Book, Family Dollar, Solstice Tree Shop, quarter bins, remainder tables, etc. So I could not probably concretely nail down how much I spent on them. |
 |
 
New Life Auctions
 |
There is a lot of misinformation going on here. The first question to ask is do you have a seller's permit? If the answer is yes, you should already know the answer to your question, which is yes, you pay taxes on your net income for your business.
I suspect that you don't have a seller's permit. In that case, who is reporting the revenue that you make on eBay to the IRS? No one. Currently, eBay is not required to file any information to the IRS.
Technically, if you are making profits selling goods on eBay, you need to pay taxes on it. You also need to treat it like a business and choose what type of business entity you will be and take legitimate business deductions.
In practice, the IRS won't even notice any income you make on eBay. Unless you start earning substantial income from eBay, you are better off not even messing with it. Don't worry about being audited for this, because you won't. If you get audited by the IRS, then it is for a different reason and you have bigger problems than eBay sales.
You want to keep records of how much you are making. Not for the IRS, but to know if you are actually making any money. There is no point selling things on eBay for a loss!
Good Luck,
Bill
Visit http://www.newlifeauctions.com for more eBay tips. |
|
TaxGurl
 |
Income from Ebay is taxable. Income is pretty much taxable no matter what the source.
The first poster is off the mark. There is no such thing as bartering stuff for money. That is called selling. And if you sell the items for more than you paid for them, you are supposed to report the profit as income and pay taxes on it.
If you are truly operating an Ebay business and it is a major source of your support, you need to keep decent records of what you paid for the items and what you sold them for. You will also need to submit quarterly payments to the IRS to cover the taxes. You will be considered self-employed so the tax bite is pretty hard since you are responsible for paying the employer and employee shares of the FICA payments. I know a lot of Ebay merchants try to keep their Ebay income off the IRS radar but it will catch up with them eventually.
Paying taxes sucks but being audited is much worse. You might want to check with a local CPA or financial planner to try to figure out a way to structure things so that you won't have to fork over as much in taxes. Taxes now are better than penalties and interest later. |
|
Steve
|
From what you described, you are running a business. Therefore, your net profit will be taxable. You will need to keep track of your purchases that you sell on eBay so you can properly determine your profit.
You should review Publication 334 from the IRS website to see what other legitimate business deductions that you can use to reduce your profit. |
|
Squiddy
|
Yes it is taxable. You have to keep records for everything.Keep all of your receipts and get a record book. |
|
taxman94066
|
There once was this EA who helps people resolve tax problems and that EA posted information about eBay and taxes on the Internet before ANYONE else. In fact, if you type "ebay taxes" in Yahoo or Google, that site comes up first. In fact, he first posted that information in 2000. That guy was me. I suggest you read the entire page. Here's the first part of what I posted:
"For some reason, the media has finally realized that people selling items on eBay may have tax implications. Frankly, this story is unbelievable. eTaxes.com has carried this information for over FIVE years. Here's the bottom line. It doesn't matter WHERE you do business. You can sell items in a storefront or on eBay. Income is income is income. The same rules apply. If you are selling a used TV in a yard sale, no one expects you to report that sale on your tax return. If you buy computers and resell them at a profit that is income and must be reported on a tax return. Does it matter if you sell them in a store or on eBay? Of course not. As usual, the media isn't just late to the story, they have the facts completely wrong." |
|
May I help You?
|
All worldwide income is taxable - period!
Even lottery winnings.
Then there are taxes from the State in which you live, and local business regulations from your state - which may not cover internet transactons.
By the way, 90%+ of federal and state tax audits come from referrals from people who turn you in to the authorities anonymously. Somehow they get the idea that if they must pay taxes, you must pay taxes.
It is up to you to estimate and prove what the item cost. Get a book now! Start keeping records of what you spend even if you don't provide receipts for costs of items under $25.00 - and that is reasonable.
If the IRS does not believe you, they will estimate for you. Then you will know that you need to keep your own records. Rarely does the IRS estimate in your behalf.
All of those places give receipts for a sale, so you are trying to cover up the fact that you could keep the receipts.
Family Dollar is easy - Price check on Isle 5 - It's a dollar.
duhhhhhhhh
You may think you are fine until you are audited.
You don't need receipts for any item under $25.00 - but you need to get a binder, or copy book of some type and write down what items cost.
Best of luck in your new business!
GOD bless us always.
MBA-Boston Univ.
CPA-retired |
|
lisalisarussell
|
so go pick up a little carbon receipt book and make something up - er, reconstruct the records to the best of your knowledge. |
|
hi91977
|
per irs
http://www.irs.gov/businesses/small/industries/article/0,,id=163622,00.html |
|
whataday
 |
According to the IRS any income is taxable. But most people dont worry about small amounts of income from sources like ebay. |
|
TheMom
|
You have to report income from yard sells too.
Yes, your income would be taxable. SInce you are reselling you need a license, otherwise the entire amount a person paid is the taxable amount, much as it is for garage sales. |
|
mamanook
|
The amount you MADE from selling the items is what is taxable, because it's income. Not what you paid for the stuff originally. |
|
Sigi H
|
Only IF you declare it!. If you don't it is pocket money. I would not declare anything and never have..... so the government can waste it in Iraq - no way.
Make sure you have no paper trail like in banking.... cashing money orders, cheques. |
|
Brenna
|
It depends on the state in which you live. If you make "x" amount of dollars by selling on ebay, you are required to file with the IRS. Search for your state laws to determine the "x"......and just as example, if you take surveys online for cash, you have to pay taxes if you've made $600 or more in a year with where I live... |
|
Unique&Clever
|
It's not, since it's not really "income". Think of it more like bartering your goods for their money. It's like having a yard sale. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
14 | 3 minutes(s) ago
| | | |
14 | 10 minutes(s) ago
| | | |
14 | 32 minutes(s) ago
| | | |
14 | 47 minutes(s) ago
| | | |
14 | 1 hour(s) ago
| | | |
14 | 5 hour(s) ago
| | | |
14 | 9 hour(s) ago
| | | |
14 | 2 day(s) ago
| | | |
14 | 6 day(s) ago
| | | |
13 | 2 week(s) ago
| |
|
Homepage 
Financial
Forum 
Taxes 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
