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Reporting income?

If you are selling stuff on ebay and making a hefty profit, at what point does that income need to be reported, if at all?

 
humaniterian87

Asked by humaniterian87 at 2:14 PM on Feb. 26, 2009 in Money & Work

Level 2 (13 Credits)
This question is closed.
Answers (3)
  • I really don't know. I know Ebay will send you a statement though, becuase they are legally responsible for reporting income over a certain amount.
    BingsMommy

    Answer by BingsMommy at 7:21 PM on Feb. 26, 2009

  • This is just my opinion:

    If you're selling your own used things, I don't think you need to declare it at all.

    If you're a business that is putting up new things for sale, I think the amount needs to be over $12,000 a year in sales.

    Go to the IRS website for definite answers.
    timelessglass

    Answer by timelessglass at 2:23 PM on Feb. 26, 2009

  • Technically, you're supposed to report all income. Selling your old clothes would not count. But buying clothes at yard sales and reselling them for profit would count.
    customcat2000

    Answer by customcat2000 at 2:30 PM on Feb. 26, 2009