2007-02-11 10:07:53 · 7 answers · asked by xoxo 6 in Business & Finance ➔ Taxes ➔ United States
Is this a regular business? If you paid more for the item then you received then the answer is no. If you paid less for the item then you sold it for then the answer is yes. You'd pay tax on the gain (amount you sold it for less the amount you paid for it) Most people sell stuff on ebay for less than what they originally paid so most people don't have to pay tax on it.
2007-02-11 11:58:13 · answer #1 · answered by Melissa O 2 · 0⤊ 0⤋
confident -0- 0. No sales in any respect and no corporation operation ongoing is the main suitable and smartest numbers to have while and in case you do no longer choose to have report the 1040 earnings tax return alongside withe schedule C and the SE to be sure the finished volume of $ which you would be required to report and pay as your social risk-free practices and medicare taxes for the tax 3 hundred and sixty 5 days once you return up with a internet income on your schedule C and the SE of greater advantageous than 433 internet income. and you internet income volume would additionally be added to all your different finished earnings for the tax 3 hundred and sixty 5 days and be subject to earnings tax at your marginal tax value. once you do have any self employed corporation earnings you will would desire to fill out the schedule C with a view to be waiting to deduct all your common and needed corporation expenditures with a view to get your internet income $$$ volume. wish which you detect the above enclosed training useful. 05/13/2011
2016-11-03 04:33:47 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If you turn a profit from your activities, yes you must report the income on your tax return. You must pay both income tax and Self Employment tax (15.3% of net profits) on the income.
If you are just selling off personal items -- cleaning out closets or the garage, etc. -- those are considered casual sales and are not subject to tax.
2007-02-11 10:15:19 · answer #3 · answered by Bostonian In MO 7 · 2⤊ 1⤋
Yes if you are doing it as a business. If it is a source of income rather than just selling stuff you want to get rid of.
2007-02-11 10:12:48 · answer #4 · answered by romeo_1595 2 · 1⤊ 0⤋
Legally you are suppose to..
If it gets reported you surely shall.
2007-02-11 10:26:18 · answer #5 · answered by cork 7 · 1⤊ 0⤋
not yet. Don't do it until the law is passed or you may be giving away your cash.
2007-02-11 10:15:30 · answer #6 · answered by Anonymous · 0⤊ 1⤋
of course yes...
2007-02-11 23:38:56 · answer #7 · answered by Lets find the way 2 · 0⤊ 1⤋