Showing eBay income on tax returns ? - eBay Suspended & PayPal Limited Forums
eBay Suspension & PayPal Limited Forums  
Join Today
Register Subscribe
     

Registration is fast, simple and absolutely free so please, join our community today!


Go Back   Home > Platform Discussions > eBay Discussion!

eBay Discussion! EBay Forum. News, Updates, or Anything eBay is Welcome. A kind of lounge if you will.

Reply
 
Thread Tools
  #1  
Old 06-13-2009
EBAYPLAYA's Avatar
Junior Member
 
Join Date: Apr 2009
Posts: 59
Thanks: 1
Thanked 1 Time in 1 Post
Activity: 0%
Longevity: 87%
iTrader: (0)
Default Showing eBay income on tax returns ?

Hey There,
Should we keep all the records so that we can file eBay income details the next tax season ?

What will happen if I don't show anything ?
Has anybody showed eBay on their taxes this year ?

any help would be appreciated.

thanks
Reply With Quote
The complete step-by-step guide to get back to selling today!

  #2  
Old 06-13-2009
BooMer's Avatar
Executive [VIP]
 
Join Date: Feb 2008
Posts: 376
Thanks: 7
Thanked 81 Times in 43 Posts
Activity: 0%
Longevity: 93%
iTrader: (0)
Default

I haven't showed/filed taxes for ebay ever. Unless you are a Big seller and you have employees that you report to the IRS then that is the only reason I think you should file taxes.

Do you report that dollar you found walking down the street to the IRS? Or the money gift that someone gave you for your birthday? If so then file your taxes.

If you are a small time seller then I wouldn't worry about reporting your Ebay Income. Ebay Pays a lot in taxes already.

I read somewhere that starting Mid 2010 Paypal/eBay will be required to report earnings of sellers that make over a certain amount to the IRS. This will lead to you having to provide SS#. So either way you will be required if you match the criteria.

BooMer
Reply With Quote
  #3  
Old 06-13-2009
Senior Member
 
Join Date: May 2008
Posts: 449
Thanks: 3
Thanked 24 Times in 22 Posts
Activity: 0%
Longevity: 92%
iTrader: (0)
Send a message via MSN to gurusgrafx Send a message via Yahoo to gurusgrafx
Default

I file mine only because its my only income and with my kids I get earned income credits so its like free money just for filing.
Reply With Quote
The Following User Says Thank You to gurusgrafx For This Useful Post:
highwhey (06-13-2009)
  #4  
Old 06-13-2009
SaiJin's Avatar
Super Moderator
 
Join Date: Jul 2008
Posts: 16,268
Thanks: 331
Thanked 2,588 Times in 2,236 Posts
Activity: 63%
Longevity: 91%
iTrader: (2)
Default

here's 2 links:

What Every Merchant Should Know about New IRS Reporting Requirements

https://www.thepaypalblog.com/2008/0...ts-become-law/

So what do you guys think? No way around being stealth anymore?
Reply With Quote
  #5  
Old 06-13-2009
Junior Member
 
Join Date: Dec 2007
Posts: 224
Thanks: 10
Thanked 3 Times in 2 Posts
Activity: 0%
Longevity: 94%
iTrader: (0)
Default

Quote:
Originally Posted by BooMer View Post
I haven't showed/filed taxes for ebay ever. Unless you are a Big seller and you have employees that you report to the IRS then that is the only reason I think you should file taxes.

Do you report that dollar you found walking down the street to the IRS? Or the money gift that someone gave you for your birthday? If so then file your taxes.

If you are a small time seller then I wouldn't worry about reporting your Ebay Income. Ebay Pays a lot in taxes already.

I read somewhere that starting Mid 2010 Paypal/eBay will be required to report earnings of sellers that make over a certain amount to the IRS. This will lead to you having to provide SS#. So either way you will be required if you match the criteria.

BooMer
Wow this will definitely stink. I do not want to have to give my SS# to ebay.
Reply With Quote
  #6  
Old 06-13-2009
Jonas's Avatar
Senior Member
 
Join Date: Apr 2007
Posts: 1,958
Thanks: 5
Thanked 19 Times in 17 Posts
Activity: 0%
Longevity: 98%
iTrader: (0)
Default

If you make income other than eBay and you don't make a lot on eBay, then you could get away with it. But if eBay is your only income or you make a lot on it, then you may want to file.

If you don't pay taxes for a long time, it's not just a fine, but it could be jail time so be careful.

It's important to keep records of everything when you file, every bit of packing tape bought, every prepaid credit card for eBay you keep the receipts and try not to pay in cash because receipts fade away after a couple years so you have an electronic purchase record, too, then you keep records of each card before you throw it away including notes of all its numbers and every purchase. Get an estimate of how often you go to the post office, well all that kind of thing.
Reply With Quote
  #7  
Old 06-13-2009
SaiJin's Avatar
Super Moderator
 
Join Date: Jul 2008
Posts: 16,268
Thanks: 331
Thanked 2,588 Times in 2,236 Posts
Activity: 63%
Longevity: 91%
iTrader: (2)
Default

but that also means if eBay suspends the account, you can't get back even with stealth accounts.
Reply With Quote
  #8  
Old 06-13-2009
Vicvelcro
 
Posts: n/a
Activity: 0%
Longevity: 0%
Default

Oh? And does it also mean that since you could plausibly claim that you kept your revenue proofs of sales in the ebay message section of your own login, that you can't declare any income due to being locked out of your records, thus making ebay a federal offender doubly?
Reply With Quote
  #9  
Old 06-13-2009
SaiJin's Avatar
Super Moderator
 
Join Date: Jul 2008
Posts: 16,268
Thanks: 331
Thanked 2,588 Times in 2,236 Posts
Activity: 63%
Longevity: 91%
iTrader: (2)
Default

Not sure what you are saying but this is what I'm thinking:

If for any reason whatsoever eBay suspends you in 2012,
I don't think you can come back with another stealth account.
Because you'd need to provide SSN and they'll know who you are.

But also, wouldn't putting an SSN in a stealth account contradicts everything because
then the info of the SSN is different than the info of the stealth account?

Second of all, another thing that comes to mind is, ... how the heck is IRS going to chase you down if you use a stealth account? Since the name and info on all are not real?

I manually file tax on my own manually, but if PP and eBay is going to be involved...
wouldn't that make it impossible to keep a stealth account?


Hmm... I hope I make sense, but if I don't... it's because I'm rather confused right now.
Reply With Quote
  #10  
Old 06-13-2009
Vicvelcro
 
Posts: n/a
Activity: 0%
Longevity: 0%
Default

Thing is... and it has been argued over by legal experts... monies made by online sales and flea markets (as well as other venues) do not constitute a profit. It qualifies as fair market value and thus not subject to tax. Good luck winning, but if you have revenue small enough, any actions might cease pretty quick if the cost is greater for them than the gain would be.
Reply With Quote
  #11  
Old 06-13-2009
JohnnyBoy's Avatar
Senior Member
 
Join Date: Sep 2008
Posts: 384
Thanks: 5
Thanked 23 Times in 19 Posts
Activity: 0%
Longevity: 90%
iTrader: (0)
Default

Just relax and enjoy your current sales, the law doesn't kick in till 2012.
Reply With Quote
  #12  
Old 06-13-2009
Vicvelcro
 
Posts: n/a
Activity: 0%
Longevity: 0%
Default

Agreed. Discussing now is mainly speculation. They will rehash and amend things on the gov't end several times between now and later. At this time, the issues are pretty much academic. Some portions will predictably remain as already planned, but some things will be plastic as well. Changes in the expected gov't policy may bring changes in ebay/pp by necessity.

I'm not saying do nothing until the last minute. Now is the time to play what-if. But no hurry.
Reply With Quote
  #13  
Old 06-13-2009
Junior Member
 
Join Date: Jun 2008
Posts: 192
Thanks: 0
Thanked 0 Times in 0 Posts
Activity: 0%
Longevity: 92%
iTrader: (1)
Send a message via Yahoo to thakid212
Default

So let me get this right we gotta pay ebay fees + PayPal Fees + Shipping + A new tax awww that sucks

well time to sell on Craigslist they can't put a tax on cash
Reply With Quote
  #14  
Old 06-14-2009
JamesYaBaoy's Avatar
Executive [VIP]
 
Join Date: Aug 2008
Posts: 346
Thanks: 9
Thanked 13 Times in 8 Posts
Activity: 0%
Longevity: 91%
iTrader: (0)
Default

Hmmm....

I am I the only one that read that it applies to payment proccesors.

Meaning if you dont take PayPal..everything else will all be the same
Reply With Quote
  #15  
Old 06-14-2009
Jonas's Avatar
Senior Member
 
Join Date: Apr 2007
Posts: 1,958
Thanks: 5
Thanked 19 Times in 17 Posts
Activity: 0%
Longevity: 98%
iTrader: (0)
Default

Quote:
Originally Posted by vicvelcro View Post
Oh? And does it also mean that since you could plausibly claim that you kept your revenue proofs of sales in the ebay message section of your own login, that you can't declare any income due to being locked out of your records, thus making ebay a federal offender doubly?
I declare income when it comes into one of my bank accounts, not when it's stuck in paypal or anything else.
Reply With Quote
  #16  
Old 06-14-2009
mmac900's Avatar
Junior Member
 
Join Date: Oct 2008
Posts: 115
Thanks: 1
Thanked 3 Times in 3 Posts
Activity: 0%
Longevity: 90%
iTrader: (0)
Default

As I said before, they won't ask everyone for a SSN, only people that sell more then like $20,000 a year. And if you are selling on 5-10 accounts, you can always just stay under that limit and you are good.
Reply With Quote
  #17  
Old 06-14-2009
SaiJin's Avatar
Super Moderator
 
Join Date: Jul 2008
Posts: 16,268
Thanks: 331
Thanked 2,588 Times in 2,236 Posts
Activity: 63%
Longevity: 91%
iTrader: (2)
Default

But there are catagories that require you to take PP.

Quote:
Originally Posted by JamesYaBaoy View Post
Hmmm....

I am I the only one that read that it applies to payment proccesors.

Meaning if you dont take PayPal..everything else will all be the same
Reply With Quote
  #18  
Old 06-14-2009
Vicvelcro
 
Posts: n/a
Activity: 0%
Longevity: 0%
Default

Ok, and you will only have to be concerned if you do 'X' amount of business in PP or more. If you stay below 'X', you should be able to continue the same as you do now.

If that changes, there are potential ways of adjusting to anything new.

If you intend to do all of your business under 1 ebay and 1 pp and your volume is high, then you have a concern. Not a worry. Just a concern.

Easiest 'out' is to spread your monies around.
Reply With Quote
  #19  
Old 06-14-2009
Senior Member
 
Join Date: May 2008
Posts: 449
Thanks: 3
Thanked 24 Times in 22 Posts
Activity: 0%
Longevity: 92%
iTrader: (0)
Send a message via MSN to gurusgrafx Send a message via Yahoo to gurusgrafx
Default

^^^^^^^^very true. only a couple extra steps to resolve the issue.
Reply With Quote
  #20  
Old 06-14-2009
Vicvelcro
 
Posts: n/a
Activity: 0%
Longevity: 0%
Default

You can accept pp for those things. Stay under 'X' amount and not a problem. Only a problem if you go over 'X' amount and problem has solutions.
Reply With Quote
  #21  
Old 06-14-2009
GreenBean's Avatar
Executive [VIP]
 
Join Date: Sep 2007
Posts: 42,343
Thanks: 5,612
Thanked 9,142 Times in 7,106 Posts
Activity: 0%
Longevity: 96%
iTrader: (6)
Default

Some wise man said Only two things in life you can be sure of, taxation and death. Be ready for changes.
__________________
REAP WHAT YOU SOW. LIFE IS SO NOT FAIR.
Reply With Quote
  #22  
Old 06-14-2009
Senior Member
 
Join Date: May 2008
Posts: 449
Thanks: 3
Thanked 24 Times in 22 Posts
Activity: 0%
Longevity: 92%
iTrader: (0)
Send a message via MSN to gurusgrafx Send a message via Yahoo to gurusgrafx
Default

yeah but you can cheat taxes... haven't met anyone that cheated death yet tho...
Reply With Quote
Reply



Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
How do you handle eBay Returns?? aking eBay Discussion! 7 01-26-2013 10:42 AM
How many depend on ebay as their only income? angelas111 eBay Discussion! 10 08-21-2011 04:29 PM
My Auctions Are Not Showing Up!!! yaw1800 Auction Listing 5 11-26-2008 11:11 PM
Question about accepting returns & PayPal brokebackebay PayPal Talk 11 08-18-2008 06:23 PM
PayPal payment for eBay invoice not showing up...? imjustme eBay Discussion! 2 03-31-2008 04:16 PM


Aspkin Group

All times are GMT -5. The time now is 08:31 AM.


Stop the guessing games and learn how you can quickly and easily get back on eBay today!
Read the best selling step-by-step eBay Suspension guide eBay Stealth!
Amazon Suspension? Read Amazon Ghost to get back on Amazon!
vBulletin® Copyright ©2000 - 2024, Jelsoft Enterprises Ltd.
Ad Management by RedTyger
no new posts

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58