MY FRIEND AND SISTER WHO ARE LIVING OVERSEA, AND WOULK LIKE ME TO BUY COSMITC FOR THEM SINCE HERE IS CHEAPER THEN ASIA. SOMETIMES THEY BUY A LOT, AND THEY WIRE MONEY DIRECTLY TO MY BANK ACCOUNT. WOULD THIS BE EFFECTED MY INCOME TAX REPORT? I DON'T MAKE ANY PROFIT FROM THEM. DO I SITLL NEED TO REPORT AS INCOME?
2007-02-21 05:19:53 · 4 answers · asked by papayasasaya 1 in Business & Finance ➔ Taxes ➔ United States
There is no need for you to report these transactions for income tax purposes.
2007-02-21 05:22:37 · answer #1 · answered by Devdude 5 · 1⤊ 0⤋
I don't think you are serious - however personal purchases sent overseas do not constitute earned income to be included in income tax. at best you paid sales tax and your friend(s) pay their country's duty or taxes
2007-02-23 02:15:28 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If you do not turn a profit, there's no need to report anything. If this is just occasional sales to friends you really don't need to worry about it.
2007-02-21 13:32:58 · answer #3 · answered by Bostonian In MO 7 · 2⤊ 0⤋
No, you don't need to report it - it has nothing to do with your taxes. If you were doing it as a business, then you would have to report it.
2007-02-21 14:23:01 · answer #4 · answered by Judy 7 · 0⤊ 0⤋