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<p>[QUOTE=&quot;medoraman, post: 1507247, member: 26302&quot;]I don&#039;t know what $20,000 represents. There is no magical thing that happens at $20,000. At $10,000 you have to report any cash transactions. </p><p><br /></p><p>If you make a sale and a profit you are required to pay income taxes on it for any amount of profit. If you are determined to have nexus and a professional seller in a state you are required to collect and remit sales taxes. There are no minimum thresholds really.</p><p><br /></p><p>Btw, I see Fretboard asking more accounting advice. I would encourage him to talk to a local CPA, but I am a CPA as well. That is why I am giving him this advice. <img src="styles/default/xenforo/clear.png" class="mceSmilieSprite mceSmilie1" alt=":)" unselectable="on" unselectable="on" /></p><p><br /></p><p>The only instance in which a lawyer would be necessary would be nexus determination possibly.[/QUOTE]</p><p><br /></p>

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