I sell some things on ebay, not as a living, but as a way to get some extra cash. Do I have to still report it to the IRS? Thanks
2007-02-05 09:21:05 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
If you turn a profit, yes you must claim it and pay any taxes due.
If you are just selling excess "stuff" (casual sales rule) for less than it cost you originally there are no tax consequences since you didn't turn a profit.
2007-02-05 09:24:59 · answer #1 · answered by Bostonian In MO 7 · 3⤊ 0⤋
If you are selling items for a profit, then yes you do. But if you're just selling items you already own and clearing out your excess around the house, then not if you didn't sell them for more than you paid for them in the first place.
2007-02-05 10:21:00 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
Did you earn income? What was your ACTUAL income once you deduct your expenses?
You report your INCREASE on Sched. C.
2007-02-05 09:30:05 · answer #3 · answered by Dizney 5 · 0⤊ 0⤋
Yes. ALL income is reportable.
Don't forget to deduct your expenses...ebay fees, materials, etc.
Use a Schedule C - you report your income and expenses on that.
2007-02-05 09:23:43 · answer #4 · answered by Anonymous · 2⤊ 4⤋
yes, or the IRS will find you
2007-02-05 09:28:21 · answer #5 · answered by graphix 5 · 0⤊ 2⤋