How does IRS know how much you made on Ebay?
2007-02-22 07:22:51 · 7 answers · asked by 6th Finger 2 in Business & Finance ➔ Taxes ➔ United States
If you sell for a PROFIT on E-bay. It is taxable income. If you have a 'garage sale' on E-bay, you only have to report income that exceeds what you paid for the items. Selling used items often does not result in a gain.
2007-02-22 10:16:07 · answer #1 · answered by STEVEN F 7 · 1⤊ 0⤋
If your Ebay sales are your main source of income, yes you must report it on Federal taxes. If you're selling household items to get rid of (i.e. garage sale) then, no you don't have to claim.
2007-02-22 07:33:27 · answer #2 · answered by Carlover29 3 · 0⤊ 0⤋
Did you make money on those sales? Then, yes you have to report it. The tax code doesn't say ... oh, well, if it's on ebay, just forget about it.
2007-02-22 07:30:57 · answer #3 · answered by istitch2 6 · 1⤊ 0⤋
There is an old "adage" in tax preparation and reporting.
How well do you sleep at night?
If you sleep well while underreporting your income, so be it.
If you have to count sheep as you attempt to sleep, I would definitely then report the income you have derived from EBay.
2007-02-23 04:47:41 · answer #4 · answered by bold4bs 4 · 0⤊ 0⤋
if you're promoting your previous, used "stuff" for below what you paid for it (or below its cost once you received it as a present) then you're not to any extent further taxed on the proceeds from the sales.
2016-12-04 19:31:27 · answer #5 · answered by ? 4 · 0⤊ 0⤋
yes u have to report
2007-02-22 07:58:00 · answer #6 · answered by Anonymous · 0⤊ 1⤋
Yes, it's income. They'll find it if you are audited.
2007-02-22 07:30:29 · answer #7 · answered by Anonymous · 0⤊ 0⤋