IRS to track online sellers payment

[Mackaydon]

http://www.auctionbytes.com/cab/abu/y210/m03/abu0258/s03
Don.....

 

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[Charlie P. (NY)]

I should think so. You're supposed to report all your income from sales. Always has been so.

Good thing the IRS doesn't care a whit about state sales tax.

 

[Woodland Detectors]

I should think so. You're supposed to report all your income from sales. Always has been so.

Good thing the IRS doesn't care a whit about state sales tax.

Agreed!

 

[Letsgethammered]

An interesting article , if i read it right a seller can still earn up to 20k before this is a problem so i dont imagine it will affect the average ebayer.

 

[Silver Surfer]

I should think so. You're supposed to report all your income from sales. Always has been so.

Good thing the IRS doesn't care a whit about state sales tax.

Agreed!

So you guys think "I should think so" if I sell a coin on ebay, I should pay taxes on it? Or are you talking about "Merchants" that actually do it as a business? I would hope that is what you are talking about...

 

[Arid-Zone-A-seeker]

Just look at all the little old ladies that owe the IRS taxes for having a yard sale!

 

[Charlie P. (NY)]

Just look at all the little old ladies that owe the IRS taxes for having a yard sale!

Not a problem. In a yard sale you generally sell things for less than you paid for them. You can show a capital loss. ;-) If you buy at flea markets and then turn around and resell for a higher price in your yard sale - that's income. You are a self-employed professional merchandiser.

Income is income.

http://www.irs.gov/newsroom/article/0,,id=175963,00.html

http://www.irs.gov/pub/irs-pdf/p525.pdf

http://www.smallbusinessbrief.com/articles/taxes/002816.html

Do you have to pay taxes on income? No. You don't have to drive at the posted speed limit or refrain from throwing litter out of your car window, either. But when you get caught expect to pay a fine.

PS - the IRS states you have to declare the value of any property you stole during the year. Does anyone actually do that? No.