If you buy things with the intent of selling on EBay is that income you have to claim?

Answer 1

The income is the money you received for the sale on ebay. Your costs include the money you spent to purchase the items to sell on ebay.

Assuming you are selling the items on ebay to make a profit, you would report this activity as self-employment on Schedule C. You would deduct the money you spent on items for resale, as well as other expenses such as shipping, packing materials, driving to the post office or to purchase items.

You may have a profit (taxable) or a loss (which would reduce your taxable income).

Answer 2

Yes if you make a positive income sale on it. Think about it this way...manufacturers sell something for let's say 1.00 a unit and then the buyer turns around and sells that for 2.00. That person must claim that dollar income. Ebay doesn't give you a income/tax statement at the end of each year or anything but I would still claim it in fear of being audited. However anything you use to buy or sell that item can be tax deductible (cost of doing business).

Answer 3

i think of various the persons offered the products in bulk from a producer internet site or some thing of the form and that they get them extra low-priced for paying for that way. they are waiting to get the object at cost. in simple terms like the shops. They get it at cost and up the cost somewhat and that they are nonetheless waiting to make a income. different every person is stealing from shops alongside with Walmart and promoting them on ebay. I in simple terms observed on the information some couple who took they are young ones into aim with them and stole merchandise. the supervisor of the save took it upon himself to maintain on with them domicile. whilst they have been interior the domicile he looked into the storage and there became right into a popular pile of toys nonetheless interior the containers. the persons have been promoting the merch.on ebay and now they are paying for and promoting intercourse for secure practices in penal complex. Ha ha. It became into on Dr. Phil.

Answer 4

only if the capital gain is above a certain amount for the year. it is unlikely that you will audited for buying beanie babies. however if you have no other income to report and you make that your full time job you will want to track the revenue and expenses and fill out a schedule C

Answer 5

If you actually sell them, yes, it's a taxable transaction.

Answer 6

you bet! and you can print up your activity from"my Ebay" to make it easier to figure expenses and income.

Answer 7

You have a profit motive so, yes, it is taxable.

Answer 8

If you turn a profit, yes.

Answer 9

no why would you have to claim something only you know about.