@bonanza125 wrote:"You are not considered a business doing business transactions by simply selling on ebay."
Actually yes you are. Ebay has all information needed for IRS including bank account. Just because Ebay doesn't send a 1099 doesn't mean you don't have to report your income. You still do.
"You cant deduct losses on sales if personal items."
Well you still need to report it. If not it's a transaction linked to your bank account. IRS can see that. If you can't prove the losses then it's considered a profit then.
"Where are you getting this bad info from?"
My advice is not bad. It's facts coming from the IRS themselves and my accountant. You are an individual who chooses more than likely not report personal stuff on your takes. Guess what the IRS can still see your income. Good luck with that.
You are commenting on things you have never done or discussed with your accountant, if you actually have one. It's a big red flag that you thought personal losses should be reported. and now pivot to 'you still need to report' it. Your information is not coming from an accountant or the IRS, nor will you ever be able to provide any.
Selling on ebay does not mean you are running a business. No one will agree with you here
because its obviously that absurd and false. Personal sales are not business sales, regardless of where they take place. This is why they are accounted for separately on your taxes.
You only need to spend a couple minutes of basic research to realize you are mistaken.
Taxes on Ebay Sales: A Factsheet for Sellers - TurboTax Tax Tips & Videos
@bonanza125 wrote:"Um.... The loss is not deductible... if you report the loss you are in essence evading taxes."
My cars are on my forms for use. If I sell a car I will need to report the sale. I am not talking about deductions. I am strictly talking about reporting. There would be no profit made. I also have to report the mileage on each vehicle used each year as what I used for business. You made this about reporting. You do have to report.
"If" you sell your car.... you never have done so before?
Is your name "Sally". Why are you moving the goal posts to your business vehicles?
If you have actual dedicated business vehicles (seems unlikely) that's a different story.
@estate_echoes wrote:
@bonanza125 wrote:"You are not considered a business doing business transactions by simply selling on ebay."
Actually yes you are. Ebay has all information needed for IRS including bank account. Just because Ebay doesn't send a 1099 doesn't mean you don't have to report your income. You still do.
"You cant deduct losses on sales if personal items."
Well you still need to report it. If not it's a transaction linked to your bank account. IRS can see that. If you can't prove the losses then it's considered a profit then.
"Where are you getting this bad info from?"
My advice is not bad. It's facts coming from the IRS themselves and my accountant. You are an individual who chooses more than likely not report personal stuff on your takes. Guess what the IRS can still see your income. Good luck with that.
You are commenting on things you have never done or discussed with your accountant, if you actually have one. It's a big red flag that you thought personal losses should be reported. and now pivot to 'you still need to report' it. Your information is not coming from an accountant or the IRS, nor will you ever be able to provide any.
Selling on ebay does not mean you are running a business. No one will agree with you here
because its obviously that absurd and false. Personal sales are not business sales, regardless of where they take place. This is why they are accounted for separately on your taxes.
You only need to spend a couple minutes of basic research to realize you are mistaken.
Taxes on Ebay Sales: A Factsheet for Sellers - TurboTax Tax Tips & Videos
That doesn't say anything about personal items, just used items.
Used items could be used by anyone.
@bonanza125 wrote:
Lets agree to disagree and move on. I was about to respond to your comment but I am not going to do that because anything I say you will disagree with it anyway.
If you intended on repeating unsubstantiated false claims while failing to address refutations, then of course I would disagree. You are free to walk away from numerous sources that correct you anytime.
eBay Seller FAQs and Unique Scenarios Explained | TaxAct
@kensgiftshop wrote:
@estate_echoes wrote:
@bonanza125 wrote:"You are not considered a business doing business transactions by simply selling on ebay."
Actually yes you are. Ebay has all information needed for IRS including bank account. Just because Ebay doesn't send a 1099 doesn't mean you don't have to report your income. You still do.
"You cant deduct losses on sales if personal items."
Well you still need to report it. If not it's a transaction linked to your bank account. IRS can see that. If you can't prove the losses then it's considered a profit then.
"Where are you getting this bad info from?"
My advice is not bad. It's facts coming from the IRS themselves and my accountant. You are an individual who chooses more than likely not report personal stuff on your takes. Guess what the IRS can still see your income. Good luck with that.
You are commenting on things you have never done or discussed with your accountant, if you actually have one. It's a big red flag that you thought personal losses should be reported. and now pivot to 'you still need to report' it. Your information is not coming from an accountant or the IRS, nor will you ever be able to provide any.
Selling on ebay does not mean you are running a business. No one will agree with you here
because its obviously that absurd and false. Personal sales are not business sales, regardless of where they take place. This is why they are accounted for separately on your taxes.
You only need to spend a couple minutes of basic research to realize you are mistaken.
Taxes on Ebay Sales: A Factsheet for Sellers - TurboTax Tax Tips & Videos
That doesn't say anything about personal items, just used items.
Used items could be used by anyone.
Perhaps finish reading the sentence? For me it seems like common sense that used items sold at a garage sale are personal items. In case you are still confused, there is a link to the article that can help you.
@estate_echoes wrote:
@kensgiftshop wrote:
@estate_echoes wrote:
@bonanza125 wrote:"You are not considered a business doing business transactions by simply selling on ebay."
Actually yes you are. Ebay has all information needed for IRS including bank account. Just because Ebay doesn't send a 1099 doesn't mean you don't have to report your income. You still do.
"You cant deduct losses on sales if personal items."
Well you still need to report it. If not it's a transaction linked to your bank account. IRS can see that. If you can't prove the losses then it's considered a profit then.
"Where are you getting this bad info from?"
My advice is not bad. It's facts coming from the IRS themselves and my accountant. You are an individual who chooses more than likely not report personal stuff on your takes. Guess what the IRS can still see your income. Good luck with that.
You are commenting on things you have never done or discussed with your accountant, if you actually have one. It's a big red flag that you thought personal losses should be reported. and now pivot to 'you still need to report' it. Your information is not coming from an accountant or the IRS, nor will you ever be able to provide any.
Selling on ebay does not mean you are running a business. No one will agree with you here
because its obviously that absurd and false. Personal sales are not business sales, regardless of where they take place. This is why they are accounted for separately on your taxes.
You only need to spend a couple minutes of basic research to realize you are mistaken.
Taxes on Ebay Sales: A Factsheet for Sellers - TurboTax Tax Tips & Videos
That doesn't say anything about personal items, just used items.
Used items could be used by anyone.
Perhaps finish reading the sentence? For me it seems like common sense that used items sold at a garage sale are personal items. In case you are still confused, there is a link to the article that can help you.
If you are still confused read the article I gave the link to.
Not all the time, some go to yard sales and buy up a bunch of stuff, then they have a yard sale and make a profit.
Just because they had a yard sale and sold used items, you don't think they should report that income?
Ebay is not a yard sale.
I'm not confused and what I do has been working for 40+ years.
