Well, it is finally happening!
The IRS is going to start doing something about eBay sales. The stories started breaking yesterday on news wires. I first saw it on cnn's site, then late last night our local news ran a local story on it. Whether it is income tax or capital gains tax, the IRS wants its cut.
Here's the CNN link:
http://www.cnn.com/2005/TECH/intern...tion=cnn_latest
It does not matter if you are selling your junk or someone elses junk (reselling) you will soon have to prove you did not make a profit. If you did make a profit or are reselling than you have to pay taxes.
For those that say you are doing it for a "hobby", just try tell that to the IRS. Of course, this will cut down on people who sell on eBay. Which means eBay will soon be raising fees again!
This is just a heads-up for those who are not filing eBay on your taxes. I know there are a few of us that do........
The IRS is going to start doing something about eBay sales. The stories started breaking yesterday on news wires. I first saw it on cnn's site, then late last night our local news ran a local story on it. Whether it is income tax or capital gains tax, the IRS wants its cut.
Here's the CNN link:
http://www.cnn.com/2005/TECH/intern...tion=cnn_latest
It does not matter if you are selling your junk or someone elses junk (reselling) you will soon have to prove you did not make a profit. If you did make a profit or are reselling than you have to pay taxes.
For those that say you are doing it for a "hobby", just try tell that to the IRS. Of course, this will cut down on people who sell on eBay. Which means eBay will soon be raising fees again!
This is just a heads-up for those who are not filing eBay on your taxes. I know there are a few of us that do........