Ebay 1099...the tax man cometh.....

by **jlgrove** » Wed Feb 15, 2012 4:27 pm

..ok all you tax guys out there, (Ralph, rebel, Jimmyd, etc)....give those of us that do a considerable amount of ebay sales, words of wisdom on the accounting/responsiblity of processing our taxes.....especially how we account for costs when selling off personal items, of which I have done many during 2011....any thoughts would be well recieved....

Jeff

by **rebel** » Wed Feb 15, 2012 5:53 pm

jlgrove wrote:..ok all you tax guys out there, (Ralph, rebel, Jimmyd, etc)....give those of us that do a considerable amount of ebay sales, words of wisdom on the accounting/responsiblity of processing our taxes.....especially how we account for costs when selling off personal items, of which I have done many during 2011....any thoughts would be well recieved....

Jeff

First, every state is different. In California we are responsible to pay sales tax on any online purchase (this has yet to go to the supreme court so things could change). If you sell stuff more than 3 times a year you need a permit (ebay each sale is considered a separate incidence, again it would be interesting to see if this stands up in court as you are able to sell everything you can and count as 1 garage sale).Funny though I could not find a time limit to the sales, you could see the legal loopholes there!!!!!!! Also remember you have to make money to owe in general but sales tax is a funny creature in that is supposed to be paid by the buyer but is ultimately owed by the seller.

by **gnatshop** » Wed Feb 15, 2012 7:29 pm

My #1 long time strategy - You make your choices and take your chances!

I've never reported any of my eBay sales, but then I was not registered anywhere as
a business. And I haven't done large amounts of sales - the biggest was several years
ago when I was selling custom zippos with car emblems - about $8,000 Gross.
Net profit would have been less than 50% of that.

Or #2 - follow the fourth monkey's lead - my favorite:

: seehearspeakandadmitnoevil.jpg (53.02 KiB) Viewed 401 times

OK, Ralph, it's time for you to pitch in here - wait, maybe it's better if you send Jeff
a private message instead of posting it on a public forum! :twisted:

by **mecrr** » Wed Feb 15, 2012 7:42 pm

I'm with Dave on this one, but I am not going to post it here so that everybody will know what I'm doing .

by **jlgrove** » Wed Feb 15, 2012 8:08 pm

...hehehehehe....I'm with Jaime.....

I love this place.... =))

by **NEMMRRC** » Wed Feb 15, 2012 9:05 pm

'Cause we love pictures!

Jaime

by **rebel** » Wed Feb 15, 2012 9:42 pm

gnatshop wrote:My #1 long time strategy - You make your choices and take your chances!

I've never reported any of my eBay sales, but then I was not registered anywhere as
a business. And I haven't done large amounts of sales - the biggest was several years
ago when I was selling custom zippos with car emblems - about $8,000 Gross.
Net profit would have been less than 50% of that.

Or #2 - follow the fourth monkey's lead - my favorite:

seehearspeakandadmitnoevil.jpg

OK, Ralph, it's time for you to pitch in here - wait, maybe it's better if you send Jeff
a private message instead of posting it on a public forum!

Did you really intend to tell everyone in the world you cheated on your taxes????

by **mecrr** » Wed Feb 15, 2012 9:55 pm

hope they're no feds on the forum.
David

by **gnatshop** » Wed Feb 15, 2012 10:05 pm

I DID NOT mess around with that gummint!!! :twisted:

I just try to live by the politicians rules!

Oops, this is just parody and comedy, right?
We can't talk politics on here - the head politician and promotor, Jimmy D., will bring his wrath down
on us! :))