posted on February 8, 2001 08:44:25 PM
According to the IRS, if you are engaging in an activity on a regular basis, and for the purpose of making money, then you are a business. $400.00 in profit is the point at which you're required to file that income.
posted on February 9, 2001 02:14:53 AM
Profit? Who makes a profit? Subtract the cost of finding the item, your computer, camera, ebay charges, credit card charges if you take them, running to the post office, cost of the item, etc.,etc,.
Some days I think the post office and ebay make more off of me than I do. Thought for the day: if everybody quit for 6 months would the PO and ebay go out of business? Maybe not but they would sure be hurting.
Forgive me father, it's 5 AM and it's been a hard night.
posted on February 9, 2001 04:38:03 PM
Profits are taxable.
Sales are not.
Self-employment only occurs after one has made sufficient profit. So if you're selling junk from around the house, no worry, but if you're buying low and selling high, then you have to pay taxes.
