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Tax Question for Online Sellers
Posted on 1/23/17 at 10:33 am
Posted on 1/23/17 at 10:33 am
I've sold a few items over the years on ebay but no real money to speak of. Been thinking of trying to sell more but have no idea how to do the taxes?? Do I need a license of any kind?? Do I need to have a separate checking account?? This would be strictly selling items from home that I can flip. Any advice would be appreciated.
2
Posted on 1/23/17 at 11:19 am to West Monroe
Most payments will probably be through PayPal, if your yearly payments stay under $20,000.00 and a certain number of transactions which I don't remember, you will not have to report it. If you exceed $20K they will assume you are operating a business and send you a 1099 for the year. This was in a letter they sent me a few years ago when I sold a few high end items and was at $18K for the year.
I have sold probably $10K-$15K worth of stuff on EBay every year for the last 15 years or so. It is mostly my hobby stuff that I paid retail for so there is no profit, but even if I was flipping used stuff I am not going to worry about tax implications unless it triggers a 1099.
I have sold probably $10K-$15K worth of stuff on EBay every year for the last 15 years or so. It is mostly my hobby stuff that I paid retail for so there is no profit, but even if I was flipping used stuff I am not going to worry about tax implications unless it triggers a 1099.
Posted on 1/23/17 at 12:23 pm to EA6B
quote:
Most payments will probably be through PayPal, if your yearly payments stay under $20,000.00 and a certain number of transactions which I don't remember, you will not have to report it. If you exceed $20K they will assume you are operating a business and send you a 1099 for the year
Just to be clear, if you are in the business of buying and selling stuff you need to file Schedule C, regardless if you get a form 1099 or not.
Now, do most people who do this, and don't get a 1099, actually put it on their taxes? I'll let y'all figure that one out
Posted on 1/23/17 at 1:10 pm to West Monroe
quote:
be strictly selling items from home that I can flip
As you're probably not selling anything at a gain, you don't have any profit/income/capital gains to report. If you're just having a garage sale on Craigslist/eBay, not really a big deal.
If you're buying things for less and selling them for more, then you're running a business for profit and should file a schedule C.
This post was edited on 1/23/17 at 1:12 pm
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