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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!

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Anonymous

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.

    Danni143

    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.
    sherribeare

    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.
    m-avi

    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.
    rkoloms

    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.
    figaro8895

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

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