what's paypal filing tax in nj? what percent? also, i have $400 on my paypal account currently(i withdrew some money from the bank) and i buy and re-sell on ebay, so far i made about $200-400, should i file that in my taxes. WHAT'S THE MINIMUM AMOUNT YOU SHOULD MAKE TO FILE THIS INTO YOUR TAXES. WHAT HAPPENS IF I DONT?
i have a paypal priemer account
2007-04-15 06:16:39 · 2 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
As long as your TOTAL income from ALL sources is enough to require you to file a tax return, you have to include ALL income from ALL sources. Your e-bay resales would be considered self-employment. Self-employed individuals are required to file if their income is $400, or more.
2007-04-15 08:14:18 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋
I think you file the profit as miscellaneous income on your tax return. I also sell on eBay, but you should probably talk with a professional because the rules as to when you should file the money as income as really "iffy."
2007-04-15 14:41:31 · answer #2 · answered by librarianb 3 · 1⤊ 0⤋