Taxes and eBay

rogueseller · #1 05-21-2007

Does anyone report their eBay income to the IRS? If you make an ebay account with phony info and a simon giftcard, and then make hundreds, or even thousands of dollars, what do you do? I'm just curious, is there a way Uncle Sam can find out about it?

CPUGEEK · #2 05-21-2007

Hey, that subject is not allowed in here..lol

ebayhateluv · #3 12-15-2007

I have to pay self employment tax every Quarter- its estimated. BUT, if you have enough losses at the end of the year, after youve added up your ebay fees, paypal fees, shipping costs not paid by buyer, orig cost of goods, etc. then you get most if not all of it back--Plus, dont forget the tax credit for kids.. its a biggie if forgotten..

Chris Hanson · #4 12-15-2007

Its always good to report income. I get more money back that way.

keceli · #5 12-18-2007

Quote:

Originally Posted by Chris Hanson

Its always good to report income. I get more money back that way.

can you explain ?

LoveEbayNHateEbay · #6 12-18-2007

It depends on several factors. But, you want to claim every $ you spend that is related to your business.

ivegotinfo · #7 12-18-2007

there was an article in the news that ebay reported canadian powerseller income for 2004 or 2005 to our canadian tax people..... who's saying ebay doesent report it to your american tax guys?

globeandmail.com: Taxman goes browsing on eBay

Chris Hanson · #8 12-18-2007

Exactly. i'm going to take a trip to china soon to look for suppliers courtesy of uncle sam

LoveEbayNHateEbay · #9 12-18-2007

My suppliers are just up the road from my family. We go back for a visit every summer. Saves me a boat load on shipping in addition to expensing out the trip.

ivegotinfo · #10 12-20-2007

^daaanggg youuuuu lol.
my guy has been sending me worse and worse quality items... i need a new supplier. anyone want to share?

vers0 · #11 12-26-2007

Quote:

Originally Posted by ivegotinfo

^daaanggg youuuuu lol.
my guy has been sending me worse and worse quality items... i need a new supplier. anyone want to share?

The problem is your supplier needs to find another factory that produces the same item. In the past, I have put pressure on my supplier because of quality issues. The past few shipments have been better then I've originally purchased. If others complain, your supplier should look else where. I have been told that Chinese factories produce different quality however overall is getting better. Just remember, they are still babies regarding their industrial revolution. Do you remember China 10 years ago?