Taxes

[legalnurseconsultant]

Does a seller have to claim their eBay earnings on 2020 taxes?

[reallynicestamps]

That's fine.

But I hope you are keeping records in any case.

Partly for your own satisfaction and partly just in case of an audit.

[thevintagesilvershop]

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@rixstuff wrote:

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@nobody*s_perfect wrote:

The threshold of 200 transactions/ $20K applies to PayPal's obligation to provide a 1099-K. It does not apply to the seller's obligation to report their eBay income.

However, you are taxed on your net income, so if you are selling used personal items (clothing, housewares, etc.) for less than you originally paid for them, then  you do not have any profit to report.

Here's a useful overview from a reputable source:

https://turbotax.intuit.com/tax-tips/self-employment-taxes/a-tax-filing-factsheet-for-ebay-sellers/L...

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That's usually what my tax lady says. I'm selling used items at less than it cost me to acquire them and not filing profit loss claims.

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[gamegallery]

Yes, if you want to abide by tax law.

Also, the IRS still wants income taxes

from illegal businesses.

And, your state may want to tax you on income,

sales, as well as your county for property taxes,

city business license, etc.

As for filing IRS taxes,

you're either a going concern

or a hobby business and that

will help narrow down your tax strategy.

How legal do you want to go?

[chapeau-noir]

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@gracieallen01 wrote:

Yes, there are a number of ways of doing it, including just calculating (reading the odometer) at the beginning and end of a trip, for a single trip to the post office and then recording how many trips a year, on the days you make one.  If one is ever audited, a mileage log is extremely useful.

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I'm gnashing my teeth over this because when my car was broken into, the astardbays stole my mileage log.  WHY???  Now I have to dry lab 7 months of last year.  They also got a broken GPS and stole 20 cents in change out of the stick shift bay. Yay, stupid crooks - breaking into a 1997 Subaru. They left the casette tapes alone, though.