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Selling on eBay - tax questions - Help me understand how this works.
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<p>[QUOTE="BigTee44, post: 1731390, member: 41883"]Alright, so here's my question, if I were to inherit a bunch of gold and silver items from a family member and wanted to sell it on eBay, how much can I sell before taxes need to be claimed? If I were to sell an item for $1,000 and the fees came out to $200(eBay and PayPal) would I have to claim $800 profit or would it be the entire $1,000? Do I get to claim a wage for my personal time spent or do thy not care about that? Obviously I can claim the shipping costs and what not, but what other things that go along with selling can I use to help lower the amount of taxes I need to pay? </p><p><br /></p><p>What type of percentage is required for those of you who sell large amount of items on eBay? 10%, 25%?</p><p><br /></p><p>state taxes now too?!</p><p> </p><p> I see that it says if you sell more than 200 items or $20,000 you'll be issued a 1099, yet I've been selling for many years and have never had a 1099 although I've never been close to $20,000 in a year. </p><p><br /></p><p>If I had someone with a large eBay store sell them for me, who would be required to pay taxes on the items? Would we both get hit with the taxes? </p><p><br /></p><p>I'm just trying to see if selling on eBay will end up being more costly with the taxes and fees as opposed to selling the items locally. </p><p><br /></p><p>Any information would be greatly appreciated. If you don't wish to post in this thread, feel free to PM me.[/QUOTE]</p><p><br /></p>
[QUOTE="BigTee44, post: 1731390, member: 41883"]Alright, so here's my question, if I were to inherit a bunch of gold and silver items from a family member and wanted to sell it on eBay, how much can I sell before taxes need to be claimed? If I were to sell an item for $1,000 and the fees came out to $200(eBay and PayPal) would I have to claim $800 profit or would it be the entire $1,000? Do I get to claim a wage for my personal time spent or do thy not care about that? Obviously I can claim the shipping costs and what not, but what other things that go along with selling can I use to help lower the amount of taxes I need to pay? What type of percentage is required for those of you who sell large amount of items on eBay? 10%, 25%? state taxes now too?! I see that it says if you sell more than 200 items or $20,000 you'll be issued a 1099, yet I've been selling for many years and have never had a 1099 although I've never been close to $20,000 in a year. If I had someone with a large eBay store sell them for me, who would be required to pay taxes on the items? Would we both get hit with the taxes? I'm just trying to see if selling on eBay will end up being more costly with the taxes and fees as opposed to selling the items locally. Any information would be greatly appreciated. If you don't wish to post in this thread, feel free to PM me.[/QUOTE]
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Selling on eBay - tax questions - Help me understand how this works.
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