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Voting Question: Am I allowed to use my ebay sales on my taxes?

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  • Voting Question: Am I allowed to use my ebay sales on my taxes?


Answers

Answer #1 | 19/12 2013 19:33
ALL income inclusive of any income generated from selling things at a personal level (for instance via ebay) count toward your income in a given year.
Positive: 25 %
Answer #2 | 19/12 2013 20:11
The IRS is getting a bit picky about this. $2200 is chump change and indicative of you either selling your old stuff to get cash or playing at eBay as a hobby. Sales of old stuff at a loss is not income. Sales of old stuff at a gain goes on schedule D and is not considered earned income. Hobby income goes on line 21 of the 1040 and the expenses go on schedule A. It doesn't count as self-employment income and won't get you EIC either. If you try to list the income and expenses on schedule C, fine, but if you use this to get EIC or ACTC and use this income to get a refund, be advised the IRS is going to question it and want to see your receipts, business plans, etc.
Positive: 19 %
Answer #3 | 19/12 2013 20:21
Absolutely. You are required to by law.
Positive: 10 %
Answer #4 | 20/12 2013 00:25
You must show any profit from ebay sales on your return. If you were just selling your old stuff for less than you paid for it, you had no profit so do not report it. If you were buying things for resale, you report your profit, not your total sales., as income. You aren't allowed to report just the income and not the expenses.
Positive: 10 %
Answer #5 | 20/12 2013 09:26
oh yes, not only CAN you but you are required to report this self employment income Sch C and SE with your 1040
Positive: 10 %
Answer #6 | 20/12 2013 10:45
You MUST claim the Ebay income.
Positive: 10 %
Answer #7 | 21/12 2013 11:54
You must. It's not even optional. If you don't, then you can be sent to prison, but will probably just be fined a lot of money. You put the money on the "business income" line of Form 1040, and on Schedule SE and either Schedule C or Schedule C-EZ. Again, it's not optional. You are not allowed to file without doing this.
Positive: 10 %
Answer #8 | 22/12 2013 07:13
Required by the local taxing authority in your local area for you to contact your local taxing authority and let them register you for this purpose and get copy of that form so that you can make copies when you are going to buy items to for you to resell out to the public and show you how to and explain to you that you do have to be a registered sales and use tax collector for them and what forms and schedule that you will have to use to correctly send to them the amount of sales and use taxes that you did collect for them during each period of time as you are required to do OK. Federal taxes social security, medicare taxes plus your federal income tax amount that you will owe and need to make the quarterly estimated taxes during each tax year for this purpose and time in your life. Self employed independent contractor sole proprietor using your name and your SSN as your TIN number for this purpose of your own business operation at his time. Self employed independent contractor using your daily written receipt book records to report your gross income or loss on the schedule C or CEZ along with the SE to determine your NET PROFIT or LOSS from your business income during the tax year for this purpose. SE your social security medicare tax amounts that you would OWE on your NET profit amount that would end up the page 1 line 12 from the schedule C and any SE tax owed page 2 line 56 and page 1 line 27 Deductible part of self employment tax attach schedule SE line 27 $$$ amount. Starting, Operating, or Closing a Business Starting a Business Starting a business could be exciting. If you're considering starting a business, start here. This section provides information on everything from a checklist for a new business, to selecting a business structure, and more. www.irs.gov/Businesses/Small-Businesses-&-Self-Employ ed/Starting-a-Business www.irs.gov/Businesses/Small-Busines ses-&-Self-Employed/Starting,-Operating,-or-Closing-a-Busine ss Hope that you find the above enclosed information useful. 12/22/2013
Positive: 10 %

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