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Started By
Message
re: The IRS is coming for your Venmo income
Posted on 6/8/22 at 5:31 pm to Mingo Was His NameO
Posted on 6/8/22 at 5:31 pm to Mingo Was His NameO
quote:
Ebay is obviously selling goods so you'll need to show your expenses should you be audited.
Good that were already taxed when I bought them.
3
Posted on 6/8/22 at 5:35 pm to brass2mouth
quote:
Good that were already taxed when I bought them.
You paid income tax when you bought tangible personal property?
Posted on 6/8/22 at 5:38 pm to brass2mouth
Is the IRS really going to audit you if you sell an item for $800 on Ebay? I seriously doubt that will ever happen. They might send you a letter if it's not reported on your 1040 - so you better keep track of your basis and costs and put them on your tax return. It's going to be a PITA - that's all.
This post was edited on 6/8/22 at 5:39 pm
Posted on 6/8/22 at 5:52 pm to brass2mouth
quote:
Good that were already taxed when I bought them.
The sale is the taxable event. If you sell an item you would owe tax on the proceeds received exceeds the amount you paid for it.
Simply formula:
Taxable Income = Proceeds Received - Cost Basis
Now pay your fricking taxes all you deadbeats.
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