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Jen | Is money left in your Paypal account from selling things on Ebay seen as income by the government? |
I've sold a few things around the house on Ebay and I've just left all of my profits in my Paypal account. For tax purposes, does the government look at your Paypal account to see if you've had additional income? |
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Charles G
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It might be under the radar, if it is just a few things. If you are nervous, fill out a Sch-D--if it is stuff laying around the house, then you did not make a profit on them, and the Sch-D would report the income, no tax due.
The way tax law is written, however, Internet sales (or any sales) is reportable income. And, contrary to "popular" opinion, the IRS can and will check Paypal accounts if it thinks income is being hidden and tax is being avoided. |
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stephenweinstein
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It does not matter if you left the money in your Paypal account or took it out of the account.
If you sold the items for less than they cost you (usually the case if you bought them new and sold them used) and are not in the business of selling things on eBay, then the money is not taxable.
If you sold the items for more than they cost you or you are in the business of selling things on eBay (either you make stuff to sell or you run a consignment shop or you buy things to resell at a profit), then you must report the income to the IRS, whether or not you leave it in the account. |
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v b
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Wow, you had a net gain? When I sell the my old stuff, I rarely get more than I paid for (especially after fees and shipping expenses). What little gain I did have, I truthfully reported it on the 1040 Schedule D. 15% of $60 was pittance (I sold off much more than that.)
Selling personal items at a loss is NOT a profit. It's liberating what's left of the value in the item. While you can't take the loss, it certainly isn't income.
For tax purposes, yes, you report the gains. If you sell frequently, one of these days you'll suddenly get a form from Paypal saying you had this many transactions and received this much money. It will be a 1099-misc kind of form. (The law to require these forms passed in July. The reporting threshold is fairly high. Something like 200 transactions and/or $5000 in sales before you get the form.) |
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Texas granny turtle
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I recently purchased Ebay for Dummies book. It has a page about IRS. It says to have your bookkeeping in order so if you are audited you can rove expenses. It refers to Pay pal as a excellent source for documentation. Perhaps you can get this book at library and read more. The more specialized your items, coins, jewelry, autos, the more likely they will check on you. But as any business if they get a tip or complaint then they will also audit. I havent started selling yet so thats all I know yet. |
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Caroline
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no they don't see your paypal account, but for some countries revenue will force ebay to give them the total 'Sales' value of powerselllers, just so they can check that the correct tax was paid. But you need to be selling 000's for this to happen. |
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John
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no I doubt the govenment will know what money you have in your paypal account |
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almlg
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Well, they aren't checking yet. But they are definitely putting things in place to get information. The electronic information is there both from ebay and Paypal - you just never know. |
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bostonianinmo
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What you leave in your PayPal account is irrelevant. The profit from your business is fully taxable regardless of where the funds reside.
However selling excess personal property for less than you paid for it is not a taxable event. Only if you sell something for more than you paid for it are any tax liabilities generated.
The government (including the IRS) does not have unfettered access to your bank accounts. (A PayPay account is a specialized bank account.) They need a warrant or subpoena to gain access to your banking records. |
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Lone Wolf
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If the amount you sold the items for is higher than the depreciated value of the items (NOT the cost) then you have capital gains and yes, it is reportable income. I have no comment on the "do they look" part except to say, IF they look and you have not reported it, it will be seen as tax evasion. Honesty and transparency is the best policy. Especially when you're talking about what would seem to be a relatively small amount of money. Small, if any, gain vs. a major risk. |
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