Ebay and Tax Return - Blu-ray Forum

Asuras · 08-22-2012, 09:53 PM

So this was my first year selling things on ebay (3 things). Do I need to report it for my tax returns this year? If so how, does ebay give you anything to report what I have made?

Bodyslide · 08-22-2012, 10:27 PM

Selling only 3 things, you probably dont need to worry about it. It's once you get over $20,000 or 200 transactions. Info here

http://ebay.about.com/od/sellingeffe...e_tax1099k.htm

wormraper · 08-23-2012, 04:45 AM

ok, being that I have a wife who works in taxes I can tell you for a fact that YES you MUST report ALL earnings. you CAN deduct original cost of goods sold , but you have to report it as income on a schedule C if you're in it to make a profit. Ebay won't consider you a business or send a 1099 unless you go over a certain amount but any profits you make are considered taxable income by the IRS and you are required to report any such income on your tax return even if you only earn $10. while it's not like you're probably going to get audited but if you DO then those transactions can be counted against you. I used to work in taxes too years ago so I've been through this question a million times

grrrarg · 08-23-2012, 05:02 AM

You may not have to!

For example: if you are a college student and are not employed your 3 sold items (depending on sale price) may not put you over the filing threshold for income. So in that case you would not need to report the earnings.

I am not a tax specialist, so please consult with a professional such as wormraper's wife (forum discount??

)

wormraper · 08-23-2012, 05:45 AM

Quote:

Originally Posted by grrrarg

You may not have to!

For example: if you are a college student and are not employed your 3 sold items (depending on sale price) may not put you over the filing threshold for income. So in that case you would not need to report the earnings.

I am not a tax specialist, so please consult with a professional such as wormraper's wife (forum discount??

)

true, but it still has to be reported. if it's below the income threshold then no worries if he's exempt from paying taxes

and if you have any questions I'll be more than happy to ask my wife for this years tax stipulations if I'm not certain

oweb26 · 08-23-2012, 10:16 AM

The real answer is...are you technically suppose to report it...yes..

If it is anything less than $1000.00 would I report it....no.

08-22-2012, 09:53 PM	#1
Asuras Active Member Member since:Nov 2011 Location:Minnesota Blu-ray collection:157 DVD collection:80 Trading Score:13	Ebay and Tax Return So this was my first year selling things on ebay (3 things). Do I need to report it for my tax returns this year? If so how, does ebay give you anything to report what I have made?

08-22-2012, 10:27 PM	#2
Bodyslide Special Member Member since:Jul 2009 Location:Georgia PSN:Bodyslide Blu-ray collection:212 PS3 collection:11 Trading Score:4	Selling only 3 things, you probably dont need to worry about it. It's once you get over $20,000 or 200 transactions. Info here http://ebay.about.com/od/sellingeffe...e_tax1099k.htm PSN:Bodyslide

08-23-2012, 04:45 AM	#3
wormraper Blu-ray Count Member since:Aug 2007 Location:Tucson Arizona Home Theater Gallery:5 Blu-ray collection:2026 PS3 collection:30 Trading Score:174	ok, being that I have a wife who works in taxes I can tell you for a fact that YES you MUST report ALL earnings. you CAN deduct original cost of goods sold , but you have to report it as income on a schedule C if you're in it to make a profit. Ebay won't consider you a business or send a 1099 unless you go over a certain amount but any profits you make are considered taxable income by the IRS and you are required to report any such income on your tax return even if you only earn $10. while it's not like you're probably going to get audited but if you DO then those transactions can be counted against you. I used to work in taxes too years ago so I've been through this question a million times My Trade/Sale/Want Thread Last edited by wormraper; 08-23-2012 at 04:48 AM.

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08-23-2012, 05:02 AM	#4
grrrarg Expert Member Member since:May 2008 Blu-ray collection:3 Trading Score:2	You may not have to! For example: if you are a college student and are not employed your 3 sold items (depending on sale price) may not put you over the filing threshold for income. So in that case you would not need to report the earnings. I am not a tax specialist, so please consult with a professional such as wormraper's wife (forum discount?? )

08-23-2012, 10:16 AM	#6
oweb26 Member Member since:Jun 2011 Location:Nashville, TN Blu-ray collection:229 DVD collection:109	The real answer is...are you technically suppose to report it...yes.. If it is anything less than $1000.00 would I report it....no.