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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. 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
 MORE RESOURCES updated Thu. February / 09 / 2012
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Muckdogs planning for Hot Stove eventThe Daily News OnlineBATAVIA — The Genesee County Baseball Club will conduct its annual Batavia Muckdogs Hot Stove dinner and auction on Friday, March 2, 2012, from 5:30 to 8:30 pm at Terry Hills Golf Course and Banquet Facilities at 5122 Clinton St. Rd. Tickets are $25 ... |
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After kickbacks row, AP to review excise policyZee News"The next round of auctions is due in June. So we should have a new policy in place before that," the Minister added. "Syndicates are neither new nor restricted to liquor trade alone. Syndicates exist in sand and other businesses as well," Mopidevi ...and more » |
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Treasuries Rise as Greek Leaders Fail to Agree on Economic PlanBusinessWeekThe Treasury is scheduled to auction $16 billion of 30-year bonds today. “Triple A bonds are where we should be invested,” said Hideo Shimomura, who helps oversee the equivalent of $77.8 billion in Tokyo as chief fund investor at Mitsubishi UFJ Asset ... |
Parda Phash |
Pay more for your favorite beverage!Parda PhashSo the prices of this variety of tea are expected to go up at auctions. It will push up CTC tea retail prices in the domestic market," Arun N. Singh, managing director and chief executive of tea major Goodricke Group, told reporters over phone.and more » |
Google News
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RELATED AUCTION INFORMATION ARTICLES:
Auction and Its
Benefits
An auction is basically a public sale wherein any object is
sold to the highest bidder. It can be defined as a process
of purchasing and selling things by offering them up for
bid, taking bids and selling the things out to the highest
bidder.
eBay - Profiting With
Books By Janette Oke
Janette Oke is a Christian writer whose books about life,
love, values and faith have a huge following among women
today. Each of her Christian books for adults falls into
one of six different series she wrote.
eBay Feedback, 5 Key
Things All eBayers Should Know
eBay's user feedback system is one of the site's most
important components. Without the conscientious comments
recorded by both buyers and sellers, there would be no way
for anyone to build up a trustworthy reputation in the
nearly anonymous realm of cyberspace.
How I Was Nearly Conned
On eBay
I am not sure how many people have had bad experiences on
eBay, I hope not too many. I was having a great time on
there until some man tried to defraud me out of £170.
Are You an eBay
Shopper?
As I write this article, I am keeping an eye on an item on
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Game Theory, Nobel
Prize, & Auctions - Auction Primer Series - Part
1
William Vickrey, highly regarded as the founder of auction
theory, was an economics professor at Columbia University
when he published two papers outlining his views on
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Sealed Tenders", 1961, Journal of Finance"Auction and
Bidding Games", 1962, Recent Advances in Game TheoryIn 1996
he received a Nobel Prize "for fundamental contributions to
the economic theory of incentives under asymmetric
information." It's important to understand that asymmetric
information is an essential component of auctions, where
potential buyers have varying levels of knowledge about the
value of the item.
Mistakes to Avoid in
your eBay Auctions
Online auctions continue to grow in popularity as an easy
and efficient way to make money on everything from unwanted
household items to rare and expensive collectables and even
to bulky items like cars.Log on to eBay and you will see
countless auctions on any item you can imagine.
eBay - Getting More Bids
Using An Auction Preview
If you sell in small niches as I recommend and are
organized enough that you know what you will be listing on
eBay 1 to 2 weeks ahead of time, you should give serious
thought to previewing your upcoming auctions for your
customers. The result can be increased sales and higher
final bids.
Five Ways To Detect
Shill Bidders On eBay So That You Don't Pay Absurd
Prices
There is as a lot of buzz about shill bidders on the eBay
forums. But in actuality, shrill bidding isn't that common
and is rather easily detected.
Drop Shipping Increases
Profits
You would like to increase your income by selling other
peoples` products but you just don't have the money to
stock inventory.On the other hand, perhaps you have lots of
your own product and would like to increase your sales, but
you don't have a lot of money for advertising.
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.
Top Secret eBay
Powerseller Technique: Classifieds Produce Auction
Power
I was browsing through all of the classified sections, and
stumbled on Wanted to Buy. I noticed that people were
placing ads for items they wanted to purchase.
The Number 1 Biggest
Secret to Selling on eBay
eBay is a Tool.
Do You Sell Tires By
Mail? Maybe You Should eBay
I just received an interesting email from eBay and it got
me thinking..
What eBay Can Teach Us
About Success
I flew back to New York from Atlanta a few weeks ago and
picked up 'Business 2.0' magazine for the flight.
Just The Ticket - How To
Make Hundreds Per Day As A Ticket Broker On
eBay!
It should be simple - your favorite team/band/theatre play
is just about to perform in a couple of weeks. You've
waited months for this, now you're going to log on, book
the tickets for yourself and your best buddy and
bingo? you'll be at the event of the decade for a night to
remember.
Earn Money Now from
Selling Childrens Items on eBay
Kids Items You Can SellClothes, toys and videos are good
money makers on eBay.Go to eBay and look up a "lot" of size
six girl's cloths.
How To Sell On eBay:
Using Store Policies To Cement Your Credibility
In your quest to build credibility as an eBay seller, few
things are more important than creating and following
consistent store policies. Doing so will provide your
customers with an attractive buying atmosphere, where they
will feel safe making any transaction.
When is Wholesale Really
Wholesale
You've finally found the wholesale source for the high
demand widget that is selling like hotcakes on the
Internet. Thoughts of watching the money pouring in and
celebrating the new found success selling widgets has you
so excited that you can't wait to buy 5 widgets at
wholesale and double the investment.
How Do You Find A
Reliable Dropshipping Source?
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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