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Why Am I Receiving a Tax Form from eBay
I am not a business, I just occasionally sell things I no longer want on eBay. Now I have to pay income tax on it?
4 comments
raptorhaven
OP3 years agoWow. That's news to me. So when you have a yard sale, which is essentially what I use eBay for, you are supposed to report that as well?
disneyshopper
Mentor3 years agoYes. But I don't believe most people declare their yard sales income, but ebay knows how much you received in payments, and the IRS is requiring ebay to keep track of those payments and report back to them.
disneyshopper
Mentor3 years agoYou were always supposed to declare any income you earned when you filed your 1040 income tax form. I've been filing my Schedule C since I started selling in 2000. After all deductions, I may or may not pay any extra taxes as I also had a full time job until I retired in 2015.
lady_madonna
Mentor3 years ago@raptorhaven
You do not have to have a business in order to pay income tax on the profit from items you sell online.