If I buy alot of things on ebay for example speakers. Do I need to report this to the IRS? I do not sell anything, just buy alot of things, some for private use and some to sell off ebay?
2007-03-28 03:43:11 · 2 answers · asked by otp12 2 in Computers & Internet ➔ Internet
I do not sell them back on ebay, I sell them privately.
2007-03-28 03:44:00 · update #1
If you have a business that sells speakers you should pay state sales tax and report the earnings on your taxes. There is no need to report any purchases to the IRS unless you have a business in which case they are part of your business expenses which will help offset the taxes you pay.
If you are talking about buying stuff online and selling a few things to your buddies, then taxes shouldn't be an issue.
2007-03-29 08:14:11 · answer #1 · answered by aGhost2u 5 · 0⤊ 0⤋
no.
2007-03-28 10:50:27 · answer #2 · answered by pithyless 3 · 0⤊ 0⤋