Ebay selling question?

[knovak]

I've just discovered E-bay and I was wondering - does it cost you anything to put an item up for sale? Do you need to keep track of sales for tax purposes? Thanks for your help!

 

[my3kids]

Yes, there is a listing fee and if the item sells there is a final price fee also.

 

[Micki_Streeter]

Yes, there are little fees here and there.. but if you have alot to sell, it is well worth it

 

[SnowWhite]

All of the above info is correct, as well your question asked about tax purposes. If you are running your ebay business as a home business that you plan on writing off your expenses then yes you need to keep accurate info for tax purposes. but if you are just looking to make extra money without writing off expenses on your taxes then no don't worry about it as you won't be claiming it on your taxes. best of luck...........

 

[imsayin]

but if you are just looking to make extra money without writing off expenses on your taxes then no don't worry about it as you won't be claiming it on your taxes.

I don't want to start a debate here, but legally, you are required to report this on your taxes. It isn't really a choice.

I know lots of people opt not to claim their Ebay sales, and I am not judging anyone on this. I simply want to point out to the OP, the reality of it.

 

[DMRick]

I don't want to start a debate here, but legally, you are required to report this on your taxes. It isn't really a choice.

I know lots of people opt not to claim their Ebay sales, and I am not judging anyone on this. I simply want to point out to the OP, the reality of it.

Yes, and as the IRS see's more and more what they are missing out on, I think you will see more and more collaborating with eBay. All income is reportable income.

 

[erinch]

for taxes, the best advice is to consult with your accountant.

The general rule of thumb seems to be if you are selling "stuff" as you would in a garage sale, and you sell it for less than you bought it for, then you are not making a profit and you don't need to report it. But it's all a gray area

 

[DMRick]

for taxes, the best advice is to consult with your accountant.

The general rule of thumb seems to be if you are selling "stuff" as you would in a garage sale, and you sell it for less than you bought it for, then you are not making a profit and you don't need to report it. But it's all a gray area

I disagree, that it's a gray area, or that this is a general rule of thumb. While you may not be making a profit and if you have the receipts and can prove it, you may not owe tax, all income needs to be reported. While the IRS may decide to not come after you, they have that right. I believe any accountant will give that info to you. Many people are now finding that eBay may not be the seller's market it once was, now that the IRS and state tax, is getting more involved. There is a very long thread on this from about a month ago, the OP may want to search for.
Whether someone wants to take the chance that they will or won't be the one singled out by the IRS, well that is individual...and many have decided to not claim it.