You HAVE to try this!! EBAY your way to DISNEY Part 2!!!!

[disneychrista]

Originally posted by DMRick
Wow..thanks for the info, although I'll be at Disney so it wouldn't effect me, I find that very interesting. I wonder if they have done that before, for an ex president.

Not sure but apparently G.W. has made Friday a Federal Holiday so...I am guessing most Federal offices, including possible banks, may be closed as well.

 

[disney1178]

Originally posted by DMRick
Wow..thanks for the info, although I'll be at Disney so it wouldn't effect me, I find that very interesting. I wonder if they have done that before, for an ex president.

Sure did All Post Offices closed in the early 90's (1994 i think) when Nixon passed away.

 

[floridagirrl2]

Originally posted by C.Ann
-------------------------------------

If I were foolish enough to not use tracking or delivery confirmation, I would feel obligated to refund the FULL amount - including S&H..

Have you checked his feedback to see if he has a "habit" of making a quick five bucks this way?

Ditto. I would email him and let him know you expect a refund on shipping. If he refuses, I would ask for proof of mailing. If he refuses or states he has no proof of mailing, I would give him a Big, Fat Negative!

A seller who refuses to refund for an item purportedly lost in the mail, especially without proof of mailing is (I think) on pretty shaky legal ground. If you ordered an item from Amazon, Land's End, Speigel, etc. and it was lost in the mail, they most certainly would refund your money. In fact, I think you could make a case for mail fraud:
https://www.usps.com/postalinspectors/fraud/MailFraudComplaint.htm

 

[Mommy Poppins]

Yep Friday is being considered a federal day of mourning! All federal offices and courts, as well as the post offices are closed. I believe also that all flags will fly at half mast.

 

[mikess]

Anyone own a Ebay store? I was thinking of opening one of the basic $9.95 a month stores, but first ask someone if it was worth it. Do you have a basic store and how much traffic do you get with the basic package?

It seems that stores are getting a lot more buyers lately. I like the features you get with the $49.95 store, but that is just to much a month for me. Thanks for the help......

 

[mikess]

TAXES!!!!!

I have been researching taxes and ebay. Does everyone here know that you have to pay taxes on ALL profit. There is no $400 limit like some think. If you don't have recepts on everything then it is 100% profit. It does not matter if it is yard sale stuff that you get no profit on or not. IF YOU DON'T HAVE RECEPTS IT'S PROFIT IN THE EYES OF THE GOVERNMENT! You have to keep up with all ebay transactions. You must deduct ebay fees, shipping fees, paypal fees, ect. from your profit. And if you don't keep your PO recepts that is seen as profit too.

Also if you by and resell you have to have a local "Business License", no ifs, ands or buts. The government does not care if you sell on ebay or out of a store. If you sell to some one in your state they have to pay state sells tax.

I think it is just a matter of time before the government cracks down on ebay sells.

 

[DMRick]

Bummer huh?

You must deduct ebay fees, shipping fees, paypal fees, ect. from your profit.

You would use a Schedule C to do that. If youput it under misc income, you don't get to deduct your expenses.

Also if you by and resell you have to have a local "Business License

Not all areas have business licenses, so you may not need one. And in NY, the sales tax certificate is what you would need to collect and pay sales tax.
I always suggest if you usually do your own taxes, that you go to a tax preparer or accountant for the first year you are on eBay, to set up your depreciation stuff (computer, printer, etc).

 

[bafmrf]

Good Morning All,

I was wondering if someone could give me an idea of a response I should leave for negative feedback for a buyer who has not responded or paid for an auction. After Friday it will be 10 days since I started the NPB process. I want to be professional and wouldn't be surprised if I get negative in return as retalitory. I have sent numerous emails, invoices and the auction ended on May 16th.

Thanks for your help,

Martha

 

[disneychrista]

If you choose to leave a negative, which I do think is warrented, in the comments simply leave the facts. Something like "invoices and reminders sent, no contact, no payment."

 

[C.Ann]

Originally posted by mikess
TAXES!!!!!

I have been researching taxes and ebay. Does everyone here know that you have to pay taxes on ALL profit. There is no $400 limit like some think. If you don't have recepts on everything then it is 100% profit. It does not matter if it is yard sale stuff that you get no profit on or not. IF YOU DON'T HAVE RECEPTS IT'S PROFIT IN THE EYES OF THE GOVERNMENT! You have to keep up with all ebay transactions. You must deduct ebay fees, shipping fees, paypal fees, ect. from your profit. And if you don't keep your PO recepts that is seen as profit too.

Also if you by and resell you have to have a local "Business License", no ifs, ands or buts. The government does not care if you sell on ebay or out of a store. If you sell to some one in your state they have to pay state sells tax.

I think it is just a matter of time before the government cracks down on ebay sells.

---------------------------------------------------

What's that old saying - "There's only two things that are certain in life - death and taxes.."

Keep good records, play by the book, and you'll be fine..

I don't know how other states operate, but I've had my sales tax certificate for years because I used to do craft shows on a regular basis.. The certificate is easy to get - easy to file - and saves a lot of headaches in the long run..

 

[mikess]

Between Licences, State Sales Tax Certificates, Federal Income Tax, listing, shipping, keeping up with paperwork, etc., it almost seems like eBay is too much of a headache to raise a few hundred dollars a year for vacations. I know some can raise thousands, but just the paper work is a a lot of work.

Yeah, I guess we can get a accountant or tax pro to help out, but that costs an arm and a leg.

I pay enough in money and time in shipping, emailing, ebay fees and paypal fees. If I had to put time in doing paper for taxes, filing, paying a tax pro and buying licences, there would be no profit.

At the most I can pull in $2,000 a year. After all that there would be nothing.

It is just a matter of time before the government goes after eBayers. Ebayers do billions in auctions a year.

 

[jcemom]

I never even considered that all of that would be necessary to sell on Ebay! I don't know why, but I never thought about it. I only sell a few used books that I've read and my DD's outgrown clothing anyway. I think I'd sooner quit selling than deal with an accountant and licenses over a couple hundred dollars. It's not worth the expense and trouble, IMO.

 

[floridagirrl2]

My sales tax certificate cost $5.00, and our accountant does our taxes (two schedule C businesses and my "day job") for $150, and my city business license is $105/year (not all municipalities require a business license, by the way). That's not very expensive!

I track all the books and ephemera I buy at yardsales and estate sales by writing them in a spiral bound notebook--the date I bought them, address of the yardsale, and amount I paid for them. My accountant has told me this would be acceptable to the IRS if I was audited.

By doing Ebay as a business, I have the peace of mind of knowing if I was audited, I would not be hiding anything. Plus, I can deduct all my expenses (cost of good sold, packing supplies, mileage, accountant fees, etc.) right off the top of my income.

 

[jcemom]

Well, it's not bad if you're selling as a business, or considering it a job. I only sell things I don't need anymore to get rid of them and maybe make a few dollars. My total sales last year probably amounted to $300, and I do my own taxes. So, for me to pay someone to do my taxes, plus any extras, what would I be clearing...$100? Not worth it. Heck, even without all that sometimes I wonder if it's worth it.

 

[mikess]

Here the thing with me..... I sold for about 3 years now, just stuff around the house. I did make a profit on some. I thought it was like a yard sale. Now I have just found out about the tax stuff. I have no records of any of it. I've sold maybe close to $3,000 to $4,000 over 3 years. Collectables, clothes, kids stuff, CDs.....just my personnal junk that I would have sold in yard sales anyway.

If the IRS comes knocking, I have no paperwork saying any of it was mine. Therefore it is all profit and I am up the creek. Three years of fines and fees.

So, for the people like me, how do we protect ourselfs. The IRS will sooner or later get EVERYONES history from eBay.

 

[C.Ann]

Originally posted by mikess
Here the thing with me..... I sold for about 3 years now, just stuff around the house. I did make a profit on some. I thought it was like a yard sale. Now I have just found out about the tax stuff. I have no records of any of it. I've sold maybe close to $3,000 to $4,000 over 3 years. Collectables, clothes, kids stuff, CDs.....just my personnal junk that I would have sold in yard sales anyway.

If the IRS comes knocking, I have no paperwork saying any of it was mine. Therefore it is all profit and I am up the creek. Three years of fines and fees.

So, for the people like me, how do we protect ourselfs. The IRS will sooner or later get EVERYONES history from eBay.

--------------------------------------------

I think you might want to consider posting this as a separate thread under it's own title on the budget board...

Main reason being I can see this turning into a huge debate..

 

[floridagirrl2]

Originally posted by mikess
Here the thing with me..... I sold for about 3 years now, just stuff around the house. I did make a profit on some. I thought it was like a yard sale. Now I have just found out about the tax stuff. I have no records of any of it. I've sold maybe close to $3,000 to $4,000 over 3 years. Collectables, clothes, kids stuff, CDs.....just my personnal junk that I would have sold in yard sales anyway.

If the IRS comes knocking, I have no paperwork saying any of it was mine. Therefore it is all profit and I am up the creek. Three years of fines and fees.

So, for the people like me, how do we protect ourselfs. The IRS will sooner or later get EVERYONES history from eBay.

I think this is how most of us got started. I really doubt the IRS is going to go after people who sold their own stuff from around the house, or other small-potatoes-type sellers. I fully expect them to go after big-time sellers in a big-time way though! And I do think eventually Ebay will be reporting to the IRS, so we all need to be reporting our income unless we are only selling our own stuff from around the house. It's just a matter of time before Ebay and the IRS are electronically linked (and just my opinion).

 

[DMRick]

I think this is how most of us got started. I really doubt the IRS is going to go after people who sold their own stuff from around the house, or other small-potatoes-type sellers.

I agree. Legally, they can, but just like you usually don't get asked to pay tax on yard sales, you prob won't on stuff around the house. It's pretty easy to tell the difference. IRS doesn't want to give themselves unneccesary work, and as far as they are concerned, you do have receipts. Start bragging about how well you are doing reselling "finds" from yard sales, to a jealous friend or neighbor though, and it woudn't take much for them to report you.
BTW, eBay already has agreed to freely give all records to the IRS, and they have when they have been asked to. It will be awhile I believe before they are electonically linked. For years, my tax clents thought IRS and SS and welfare were linked..and at that time it was just a rumor.

 

[imsayin]

Main reason being I can see this turning into a huge debate

I guess the debate part is sort of like the debate over buying a ticket for a 3 year old that can pass for two years old. There are the rules, and then people have choices on whether or not to follow them. The law is that you have to report your income (less expenses). That said, I would not be stressing over $300 in sales not reported to the IRS. If you really reported that, you could include expenses such as internet connection, computer depreciation, mileage to the store, etc. and end up with a loss anyway.

My opinion (and this is just my opinion) on the IRS hooking up with Ebay is this: There are many businesses that pay taxes based on the "honor" system. I don't foresee the IRS getting records from Ebay and going after those people. I don't know of any case where the IRS targeted a mass group of people. Their audit selection is usually based on factors in your return. They could require that Ebay issue some sort of tax form to its' sellers stating their total sales. The seller would then have to use this in preparing their tax return. Anyway, the bottom line is that if you are audited by the IRS and found to owe taxes, you will have to pay the taxes + interest + penalties.

 

[iNTeNSeBLue98]

therefore - is $300 enough to change the amount of taxes owed?