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When my column on paying income tax on eBay profits ran it brought a wave of emails on whether you were required to report income earned from eBay sales to the IRS sparked a number of additional questions and comments from eBay sellers who were hoping that I could somehow validate that their eBay activities were mere hobbies instead of actual businesses and therefore not susceptible to IRS taxation.
Several folks argued that just because their little eBay hobby generated a little cash, that didn't make it a full blown business. It seems they consider the income from their little hobby to be financial manna from Heaven and thereby not taxable by earthly tax collectors. I've always been amused by folks who try to impress me with talk about their "little side business" but when the subject turns to taxes they suddenly refer to it as "my little hobby."
All arguments aside, the conclusion that I came to after reading each of the emails was always the same: while you may think selling on eBay is just a fun pastime and the money you're making is not reportable as income, depending on the circumstances, the IRS would probably disagree with you.
It seems that everyone likes making money, but hates carving off a piece for good old Uncle Sam. Welcome to free enterprise, folks. If you're going to come to the dance you have to pay the fiddler.
The IRS rules are clear: you must pay taxes on all personal and business income and that includes money you make selling on eBay.
In its most basic sense, the IRS rules can be interpreted to mean that if you buy an old vase at a garage sale for $10 and sell it on eBay (or elsewhere) for $20 you made a $10 profit and therefore must report it as income and pay Uncle Sam his fair share.
In reality, if you are a casual seller who only sells a few items on eBay every now and then it's doubtful the IRS is going to let loose an army of agents to collect taxes on the few bucks you make. However, if you consistently sell on eBay the IRS may deem your activities to be business oriented and you will be required to file a Schedule C and claim the income.
As mentioned last week, the IRS uses a number of factors to determine if an eBay hobby that generates sales revenue is actually a business. These factors include:
· Do you carry on the hobby in a business-like manner?
· Do you spend considerable time working on the hobby?
· Do you depend on income from your hobby for your livelihood?
If the answer to any or all of these question is yes, you're running a business, not carrying on a hobby, and you are responsible for paying taxes on your income.
What's eBay's take on all this? Naturally eBay is vehemently opposed to anything that might rock the eBay boat. eBay does not issue 1099 tax forms to sellers, nor does it report seller's sales figures to the IRS.
eBay considers itself merely to be a facilitator, meaning that they provide a marketplace in which buyers and sellers come together to do business.
Furthermore, under its current system it would be impossible for eBay to issue accurate 1099s to sellers. eBay does not track if a seller actually gets paid by the buyer, so eBay has no idea how much money - if any - actually changes hands at the end of each transaction.
On the bright side, if you do sell on eBay as a business you can deduct a number of business expenses, including the cost of inventory, listing fees, shipping, envelopes, packing materials, etc.
You might also be able to deduct things like the purchase of a computer for business use, office space (even if it's a home office), office supplies, and more.
Talk to your accountant if there's any doubt as to whether you should or should not be paying taxes on your eBay earnings.
Small Business Q&A is written by veteran entrepreneur and syndicated columnist, Tim Knox. Tim's latest books include "Small Business Success Secrets" and "The 30 Day Blueprint For Success!" Related Links: http://www.smallbusinessqa.com http://www.dropshipwholesale.net
Antiques and the Arts Online
Yale Halfback's 1937 Heisman Trophy Drives To $312000 At Heritage Auctions
Antiques and the Arts Online
DALLAS — Numerous bidders made a run at the 1937 Heisman Memorial Trophy presented to Yale University halfback Clint Frank to drive its final price to $312,000, with buyer's premium, claiming top-lot honors in Heritage Auctions' Fall Sports ...
Stolen and Seized Items from Municipalities and Police Departments to be Auctioned Off through PropertyRoom.com
PR Web (press release)
From July through June, September, ten (10) Municipalities and Police Departments chose to partner with PropertyRoom.com to auction off their unclaimed stolen, seized or surplus assets and goods. PropertyRoom.com is an online auction site offering “$1 ...
Need a Porsche at bargain-basement prices? Saturday's state auction has you covered
All vehicles must be paid for in full the day of the auction. Cash, credit and debit cards (Discover, MasterCard and Visa) are accepted. There is a 3 percent service fee on all credit and debit card transactions. Temporary tags are no longer available ...
AmmoLand Shooting Sports News
Morphy's To Auction Wyatt Earp's Gun, Chief Rain-In-The-Face's Winchester Oct. 30
AmmoLand Shooting Sports News
Colt single-action Army revolver that belonged to legendary sheriff Wyatt Earp in the 1890s, extensive Earp family lineage and documentation. Est. $75,000-$100,000. DENVER, Pa. – -(AmmoLand.com)- While Morphy Auctions strives to make each of its sales ...
Oil study attributed to Thomas Gainsborough (Br., 1727-1788) will headline Woodshed's Nov. 1st auction
The auction will be held on Thursday, November 1st, online and live in the 500 Gallery, at 475 Franklin Village Drive in Franklin. Live bidding will begin promptly at 5:30 pm Eastern time. People can register and bid now, at www.woodshedartauctions.com.
Business Wire (press release)
Over a Half a Million Dollars Raised to Benefit Tilly's Life Center
Business Wire (press release)
Sponsors, supporters and friends of TLC gathered for an evening of dancing, drinks, family style gourmet food, music, live and silent auctions accompanied by a TLC graduate's captivating story of forgiveness. Their overwhelming support resulted in ...
Yield curve flattens before auctions
NEW YORK: The US Treasury yield curve flattened to its lowest level in more than two weeks on Monday before the Treasury Department is due to sell $108 billion in new short- and intermediate-dated debt this week. The debt sales will include $38 billion ...
November Basrah Light Cargo Sold At OSP +$0.20: Dubai Mercantile Exchange Auctions
Exchange News Direct
Iraq's National Oil Company SOMO Monday sold a 2-million barrel cargo of Basrah Light via DME Auctions, achieving a premium of $0.20 per barrel over the November Basrah Light Official Selling Price (OSP). SOMO increased its Basrah Light OSPs for ...
Manchester Evening News
This is how you can buy cheap stolen goods - legally
Manchester Evening News
Bumblebee Auctions - This is a dedicated site where police forces across the country list stolen goods for sale. Auction Houses - Some forces sell their items through auction events, which you have to attend in person. GMP uses a number of auction ...
DSME Trenton equipment auction scheduled for Nov. 14-15
Corporate Assets has announced a two-day on-site and webcast auction of DSME Trenton Ltd. assets and equipment. The auction will take place on Nov. 14-15, beginning at 9:30 a.m. with all assets and auction located at 34 Power Plant Rd., Trenton, N.S., ...
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Taxing eBay Part Deux
When my column on paying income tax on eBay profits ran it brought a wave of emails on whether you were required to report income earned from eBay sales to the IRS sparked a number of additional questions and comments from eBay sellers who were hoping that I could somehow validate that their eBay activities were mere hobbies instead of actual businesses and therefore not susceptible to IRS taxation.Several folks argued that just because their little eBay hobby generated a little cash, that didn't make it a full blown business.
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A Dropshipper is someone who will anonymously send the goods you order to your customer! There are no markings on the box and no invoices enclosed! Finding a reliable dropshipper can prove to be a strenuous task. When selecting a Dropshipper you want to be sure to find someone that has a large inventory and quickly replenishes items that become sold out! You also want to find someone that is helpful and knowledgeable about the products they are selling! Make sure to contact them before you consider reselling their items, see how quickly you get a response and how helpful the response is! Remember this is the same service you can expect once you are in business with them! If it is less than your standards consider using someone else! How do you find a Dropshipper? There are several ways to find a Dropshipper perhaps the easiest is to purchase a list from an online auction! Thoroughly read the context of the ad and ask questions if need be.
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