01-07-2009 08:44 PM
12-07-2010 01:45 PM
12-07-2010 03:09 PM
12-07-2010 04:34 PM
Ok,
So the original Question or "topic" was never answered.
Does Ebay report your total sales for the year too? ...
12-24-2010 08:26 AM
No.
12-24-2010 01:40 PM
12-24-2010 05:57 PM
12-24-2010 07:26 PM
01-19-2011 08:47 PM - last edited on 04-01-2014 02:59 PM by lithnicnac
When I first started ebay I heard as long as we don't make 500.00 a month we didn't have to file taxes. Never heard about 200 sales..That is easy if you sell 99 cent items. 20,000 a year seems like a taxable amount. This is all I know about this subject, I need to study more about this subject. Seems we pay ebay enough they should tell us the rules. Thanks
I recently started selling on eBay. I just kind of fell into it when i was fired from my previous work and decided to sell off all the inventory I had instead of return it to the company that stuck it to me. long story short i ran into some other products by the 3rd week and by the end of my fourth month(DECEMBER2010) I hit Silver PowerSeller and Top Rated Seller status with just under $16k in sales for that month!
I am curious, when I started this account I decided to get a quick business name from the IRS and register it with my Local State. I then use that number to set up a business ebay and paypal account. This was all done from
9/1/10-12/31/10. during this time my first 5k was paid into the original paypal business acount, but paypal closed it down. and so I used my sisters premier account for receiving the majority of my payments. Will my ebay sells be reported matched with my paypal account or will they only report the sales/payments that I received in my own business account?
With given information above the questions i have is:
Will they report my sales to the IRS through the Business FIN? Right now I have to file my quarterly business taxes.
What should I report? Ebay sales?($26k total for 3 months) or business paypal account(which is now limited and I only received the first 5k of payments into this account?
Does non of it matter because neithe ebay or paypal will report anything because it was 2010 and they are only reporting from 2011 and on?
01-19-2011 09:45 PM - last edited on 04-01-2014 03:00 PM by lithnicnac
my advice is to ask PayPal rather than trust the answer of some random person on the internet.
Personally, I would file on the correct total amount. For example businesses that take personal checks don't get to just leave out that income and only report credit card sales...they have to report all income.
01-20-2011 01:35 AM
01-20-2011 12:52 PM
01-20-2011 01:16 PM
I found this at this link:
http://ebay-stores-etc.blogspot.com/2008/08/paypal-has-to-report-to-irs-ebay.html
Paypal Has To Report To IRS (eBay Sellers)
The new Housing and Economic Recovery Act signed into law requires Paypal and others to report to the IRS. This law will take affect in 2011 and will be reported in 2012 for the 2011 tax year.
You are excluded from having your info reported if:
1. If you receive less than $20,000 a year in payments; and
2. If you have less than 200 payments.
You will have to make sure you keep good records. For more information visit the offical Paypal Blog for more information.
01-20-2011 01:23 PM
01-20-2011 01:32 PM
01-20-2011 02:00 PM
....
All you have to do is keep track of expenses and deduct them. I don't owe the IRS a penny for my 2010 income because of the deductions I got to use.
....
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