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Do you report your ebay income to the IRS?

Discussion in 'Ebay' started by Evgeney96, Mar 28, 2010.

  1. Evgeney96

    Evgeney96 Newbie

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    I recently heard you HAVE to pay taxes if you make a decent amount of money on ebay, Anyone have any experience on this?
     
  2. zen19

    zen19 Elite Member

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    Interesting first post..............
     
  3. Evgeney96

    Evgeney96 Newbie

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    Original isn't it?
     
  4. bizcredit

    bizcredit Power Member

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    Someone selling their secondhand items on Ebay will not have to pay taxes. If you buy items to resell then yes you would owe taxes on the profit.
     
  5. Fireboltgirl

    Fireboltgirl Regular Member

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    Here in NZ the most popular auction site TradeMe was recently targeted by the IRD (NZ tax dudes). The result was a large haul of cash + penalities for late payment no doubt. They targeted people who sold a certain amount. Secondhand (not including your own personal junk) or new, income is still income.

    Good luck:pirate:
     
    Last edited: Mar 28, 2010
  6. weaselstomp

    weaselstomp Registered Member

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    In the US if you make more than $600 income for the year from something you have to report it. If you get caught not reporting income you can run into some serious problems.
     
  7. Christopher Anderson

    Christopher Anderson Registered Member

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    what if youre selling counterfeit items?
     
  8. TheLoser

    TheLoser Registered Member

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    Sure, you may have to report it but what good is income when you have MASSIVE expenses? You get it, "massive expenses" (wink, wink). :D
     
  9. Mjordan

    Mjordan Power Member

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    I don't see how. Last year I sold tons of counterfeit items on ebay and made thousands of dollars. All of it went through PayPal though and I didn't pay a single cent of taxes.
     
  10. chumpstick

    chumpstick Newbie

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    the irs doesnt chck paypal / ebay from what i know. Report income but report the toilet paper you use to wipe ur ass as business related expenses. But, even if u dodge the federal taxes u will still have to pay for social security / medicare which is always very espensive.
     
  11. onizuka

    onizuka Regular Member

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    I'd imagine if you are moving tens of thousands of dollars through paypal each month the IRS would eventually get wind of it and you'd have some explaining to do but for the average person making a few hundred or even a couple thousand on the side selling on eBay, I doubt you are an audit risk.
     
  12. big black snake

    big black snake Newbie

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    no i dont once i reach my limit i move on to the next account!!!!!!!!!!!!!!!!!!!!!!!!!!
     
  13. AstonishIncorporated

    AstonishIncorporated Newbie

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    You have to fill out a W-9 form if you make over $600