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  #1  
Old 06-14-2022
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Default 2022 tax

I have a question i'm selling on ebay but not as business mostly closet stuff like collectibles, toys, clothes, and other things. my question is if i sell like 2000 worth and its non profit do i still have to pay taxes and how is that done thanks in advance.
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Old 06-15-2022
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Default Re: 2022 tax

speak to your accountant,he would be able to explain to you
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Old 06-16-2022
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Default Re: 2022 tax

Non profit business is registered OP?
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Old 06-16-2022
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Default Re: 2022 tax

Quote:
Originally Posted by jm091804 View Post
I have a question i'm selling on ebay but not as business mostly closet stuff like collectibles, toys, clothes, and other things. my question is if i sell like 2000 worth and its non profit do i still have to pay taxes and how is that done thanks in advance.
So eBay will send you the 1099 right?
You report that to IRS then you also add some info on your non profit organization which I'm sure you have because getting those docs are more of a pain in the neck than normal EIN

and report to IRS as non profit donation.
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Old 07-03-2022
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Default Re: 2022 tax

On eBay, you would need to auction said items as a "donation". Otherwise, it will be put under a 1099-k as a gross income.

Another secret to filing taxes is if you sell general items out of the closet, it better be GREATER IN LOSS than the standard deduction. If it is lesser in value, it will be voided as wasted time and write-off.
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Old 07-03-2022
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Default Re: 2022 tax

IRS does not expect you selling your personal items at a profit,but there are exceptions.
you can report as a one liner as misc income or use a schedule for small business,you can get a copy from IRS website to give you an idea.
you will get to deduct cost of doing business,mileage ,supplies,and of course Ebay/MP fee,you wont be making a profit,if you do,then you can deduct part of your home as office expense
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Old 07-09-2022
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Default Re: 2022 tax

Quote:
Originally Posted by agent006140 View Post
IRS does not expect you selling your personal items at a profit,but there are exceptions.
you can report as a one liner as misc income or use a schedule for small business,you can get a copy from IRS website to give you an idea.
you will get to deduct cost of doing business,mileage ,supplies,and of course Ebay/MP fee,you wont be making a profit,if you do,then you can deduct part of your home as office expense
His/her losses better be over 5k. Otherwise, it will not change your AGI. All of my donations to goodwill last year were voided under the rules because of the standard deduction.
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Old 07-09-2022
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Default Re: 2022 tax

not if he files as small business,with a special form,which is outside standard deduction.
but mind you,if he turns a profit,he may have to pay SS.
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Old 07-09-2022
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Default Re: 2022 tax

Quote:
Originally Posted by vettefever17 View Post
His/her losses better be over 5k. Otherwise, it will not change your AGI. All of my donations to goodwill last year were voided under the rules because of the standard deduction.
Nice donation offset
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