Looks Like The IRS Is Going To Want Their Ebay Taxes

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Author	Replies: 5 / Views: 1,574
AuldFartte Pillar of the Community United States 830 Posts	Posted 02/21/2007 11:48 am http://www.ft.com/cms/s/657692b0-c0...df10621.html It figures. Next they'll go after the "smaller" sellers, too. Report this Post to the Staff

Metalman Pillar of the Community United States 7123 Posts	Posted 02/21/2007 12:45 pm I read about this a couple of weeks ago,, time to get fanatical about records ,, profit and loss statements, purchase and sale records anything that can prove what profit was made and what money was lost doing business on ebay. ebays own policies will more than likely bite them in the butt !! once they took too much control over the sellers they virtually made each an employee,, they cannot stand apart in the tax realm and control to much of what the sellers do . Im a small timer ,, but the bigger sellers will have their hands full !! Metalman Report this Post to the Staff
Susanlynn9 Forum Mom United States 5877 Posts	Posted 02/21/2007 12:51 pm We anticipated this back in 2004. As soon as we were making a significant profit, we incorporated as an S-corp and started declaring our profits. Fortunately, as a business, there a lot of expenses to claim. Our only mistake was incorporating in New Jersey. Word to the wise: don't EVER incorporate your business there. They make it as complicated and expensive as possible. It's even costing us to dissolve our corporation in NJ. Delaware is so much friendlier to small businesses. Report this Post to the Staff
TheForce Pillar of the Community United States 4870 Posts	Posted 02/21/2007 1:02 pm Is this going to impact those who don't sell very often or don't make a lot of money on ebay? Report this Post to the Staff
Metalman Pillar of the Community United States 7123 Posts	Posted 02/21/2007 3:19 pm nds In my opinion for the small sellers it will be a nuisance,, I have set up an account solely for ebay at the bank,, since I only sell to re-invest in other coins it will be relitively easy to show no profit or very little profit. for the large sellers who pay house payments ,gas, car payments and make essentially a living by selling on ebay it will be a regular tax season. for thos who use ebay as a second income and to date have not claimed any income from it,it will be a nightmare. Metalman Report this Post to the Staff
Morgan Fred Rest in Peace United States 2684 Posts	Posted 02/21/2007 7:29 pm I grossed more than $5K last year on ebay. However, the operative word is "grossed". I sure didn't net anywhere near that much and I doubt I'm gonna do any better this year. The last time I tried to report earned income in addition to my Social Security and VA pensions, the IRS told me not to waste their time with the paperwork unless my earned income exceeded five figures. I'm not gonna lose any sleep over this. Report this Post to the Staff
	Replies: 5 / Views: 1,574

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