eBay

janies_bizz · ‎01-07-2009

I just started selling on Ebay and Im a little worried about reporting my extra little income. Its not that much but is there like a certain amount that I have to make for them to report or how does this work? Any help would be appreciated. Tax time is near.

chippiesavalanche · ‎01-07-2009

Greetings!

if you make any money, even $1, you are technically required to report it on your taxes.

ebay and paypal currently do NOT report numbers to the IRS.

ultimately, you need to contact an actual tax professional (i dont mean jackson hewitt or hr block, more like an accountant type)

also, go to IRS.GOV, and search on schedule c
and also search on reporting misc income.

hope this helps
michael

Closing the Recycling loop: Reuse
Sale of New and Used Electronics and Computer items.

janies_bizz · ‎01-08-2009

Thank you Thank you thank you Chippie!! Glad Im saving all my reciepts for shipping etc.

ashley10kelly10 · ‎01-08-2009

Isn't there talk of Ebay starting to report sales in 2011?

Kelly

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*Kelly*

Find a cure for "Entitlement Syndrome" FAST

dealzdealz4you · ‎02-26-2009

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.

hondamedic · ‎02-26-2009

Thanx kaixote! good stuff.....

The definition of insanity is doing the same thing over and over again and expecting a different result.

kevjay777 · ‎01-31-2010

I realize this is nearly a year old, but since it is still very much relevant thought I would ask.

Will the reporting will be retro'd back to previous tax years, as sort of a "sneaky audit" to see if anyone may have forgotten to report some income?

Not that Ebay and the IRS would ever do such a thing. Eyes rolling.

hondamedic · ‎01-31-2010

Hi KevJay & welcome to The Part Timers Forum!

First is Kudos for looking for previous topics about this issue. Next is eBay/PayPal is suppose to start reporting in 2011. The issue here is are they reporting every seller to the IRS? All 25 million of us? And what will the IRS do with this info? Considering they've closed offices/cutback employee numbers who will look at this info? While I'm a pretty stand up honest guy I do not report my income from eBay. I spend enough time keeping my listings current & my customers happy. If I had time to be entering all my expences into QuickBooks so I could deduct them I wouldn't be holding down a full time job.

So to answer your question, no they will not be retro_ing previous years to the IRS. If you feel the need to pay income taxes on the monies you get from eBay please do so.

I'd love to know how many non-paying taxes illegal aliens will get reported? http://www.debbieschlussel.com/10619/outrage-ebay-yanks-illegal-alien-costume-for-sale-by-secure-borders-group/

Hope this helps!

The definition of insanity is doing the same thing over and over again and expecting a different result.

powergrown-biz · ‎05-22-2010

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.

OK, does anybody know the answer to my question? Becasue this seems awfully fishy in the way its worded. I dont make anywhere near $20,000 but im certain I have more the 200 payments.
Will I still be reported?

I am not worried about a small tax. The problem is that Im on social security disability and am not allowed to work or they will take dollar for dollar and or cut me of completly. I dont make near enough to live off of ebay sales alone but they do help make life mor comfortable so Im worried about being reported.

printedtshirts · ‎05-22-2010

OK, does anybody know the answer to my question? Becasue this seems awfully fishy in the way its worded. I dont make anywhere near $20,000 but im certain I have more the 200 payments.
Will I still be reported?

I am not worried about a small tax. The problem is that Im on social security disability and am not allowed to work or they will take dollar for dollar and or cut me of completly. I dont make near enough to live off of ebay sales alone but they do help make life mor comfortable so Im worried about being reported.

Seek the advise of a local CPA so you will know the advise you are seeking is being given to you right. Make sure they are experienced with online sales.