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Do you sell regularly on eBay?

If so, are you claiming this on taxes? Do you treat your PayPal like a bank account or otherwise? My husband and I were selling as a hobby for a while and are considering crossing the line into business since we are pretty successful. I don't want to go into too many details at the moment but wondering if others are taking advantage of eBay and how you are working it. We have learned alot!

Answer Question

Asked by Anonymous at 8:18 PM on Jul. 21, 2010 in Money & Work

Answers (5)
  • I don't sell regularly but seasonally. I do claim it at tax time. I itemize it as far as what I sold and what I bought. I don't do it to make money. I pretty much break even, whatever I sell I use that money to purchase what I'd need. Especially with kids clothes it works out great.


    Answer by Danni143 at 8:28 PM on Jul. 21, 2010

  • If you are buying things to resell, then you need to make it a small business. If you don't, then you run the risk of an audit by the IRS.

    Answer by sherribeare at 8:34 PM on Jul. 21, 2010

  • I don't. I wish I could, but I just don't have the time to do it right now.

    Answer by m-avi at 9:17 PM on Jul. 21, 2010

  • If your net income (earnings less expenses) is more than $600, then you do need to declare this.

    Answer by rkoloms at 9:23 PM on Jul. 21, 2010

  • rkoloms: can you provide a link regarding your response? i have been investigating requirements regarding eBay and have not seen this guidline. Thanks.

    Answer by figaro8895 at 1:07 AM on Jul. 22, 2010

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