If I make money online,(ebay, currency trading, etc..) would I have to pay taxes on it. And if someone is depositing money into their bank account, and they dont have a job, does the government get nosy.
2006-08-27 14:42:57 · 7 answers · asked by ???? 3 in Business & Finance ➔ Personal Finance
I live in the U.S. And at what amount would they get nosy, do you think, $500, $1000, $5000 a week, any ideas?
2006-08-27 14:58:24 · update #1
Yes, you are responsible to report all income to the IRS. The government is not going to go through your bank records routinely but if you are sued by a buyer or turned in by a competitor, you will lose alot more than the taxes with the penalties and interest. With the cost of setting up a business so inexpensive and the tax breaks you get from a business, profitable or not, you are better off setting up a legal business and claiming the income because you can also claim any business expense, rent and utilities for your home, accountant fees, internet, etc.
2006-08-27 15:03:49 · answer #1 · answered by Anonymous · 0⤊ 0⤋
(1) Yes, you do have to pay taxes on money made on the internet (2) If someone is depositing money, etc., the govt generally doesn't get nosy if it's only small amounts, but larger amounts get risky at some point.
2006-08-27 21:54:33 · answer #2 · answered by yahoohoo 6 · 0⤊ 0⤋
It depends on what country you live in...I'm in Canada and ANY income you make legally has to reported. Whether it be a job, auction (online or not) etc..Minus prize winnings and selling off items for personal reasons such as used products that are not of a commerical nature.
2006-08-27 21:46:15 · answer #3 · answered by Cyberwolf 3 · 0⤊ 0⤋
Oh yeah! they will get nosy and then you will be in trouble. DO NOT F&CK with the IRS! Bad news those people ;-)
2006-08-27 21:49:10 · answer #4 · answered by lisapj 3 · 0⤊ 0⤋
Currently, in USA, if make any transactions over the internet, they ususally don't charge the whole of the transaction occurs within the same state (I.e. buyer and seller live in same state)
2006-08-27 21:53:21 · answer #5 · answered by The Garden of Fragile Egos 3 · 0⤊ 0⤋
Would someone has to pay taxes if they were selling stuff on ebay.
2006-08-27 22:00:37 · answer #6 · answered by kaotikblue_83 1 · 0⤊ 0⤋
in indonesian, yes, interest are subject of tax
currency trading usually already include the tax in their spread
and anything that you sell is too, but if you don't report it, the goverment may forget to collect it.......
2006-08-27 21:53:19 · answer #7 · answered by Henry W 7 · 0⤊ 0⤋