| aspkin | 08-19-2014 04:33 PM |
Re: eBay taxes and reporting
Quote:
Originally Posted by Allfor5
(Post 579528)
Ok
So in the year 2014
I did about 4000 in amazon sales and a decent profit. This account had about 120 sales and had my tax info, ssn, etc. Legit account. Is it possible to deduct expenses that were purchased by cash with no receipt? I know I should go talk to an accountant but for now I just want to get the jist of it. When filing my taxes I just need pretty much Expenses and Revenue and then work from there?
Another thing.
my new eBay stealth has done about 3k in sales (estimating 5k by the end of the year) this account has a variation of my name. 50% of my items are "house items so no receipts" and the other 50% (more expensive products) I purchased specifically to resell.
Since my tax info isn't on here. What is the threshold that is needed to file taxes on these? I buy a lot of things using this eBay account as well like cell phones for personal use. So do I need to report the sales even though it's not like over 200 items / $20,000 and doesn't have my real info?
I've had about 1500 deposited to my bank from this account so far.
| You should probably report regardless of if PayPal has your SSN or not.
You pay taxes on your profit.
Revenue - Costs = Profit.
If you don't have a receipt for an item (you should ALWAYS keep ALL your receipts), then you have no proof of costs. The IRS will want receipts if they audit you (rare).
Thats the "gist" of it. | 
