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Selling on eBay - tax questions - Help me understand how this works.
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<p>[QUOTE="-jeffB, post: 1732010, member: 27832"]When I was selling on eBay, it all seemed fairly straightforward -- I declared the amount I received, minus my costs:</p><p><br /></p><p>shipping/insurance</p><p>PayPal fees</p><p>eBay fees</p><p>amount I paid for the item (including sales tax and shipping, if any)</p><p><br /></p><p>It was my understanding that I could claim mileage for taking stuff to the PO, but could not deduct my time. I don't think I ever actually did deduct for mileage.</p><p><br /></p><p>I did NOT try to go down the path of designating part of my house for business use or anything like that.</p><p><br /></p><p>I've not yet been audited, so I have no confirmation whether I was doing everything right. I'm certainly not an accountant or lawyer, so while this may sound like advice, it won't get you far in court.</p><p><br /></p><p>So, if you're asking "how should I account for stuff I sell on eBay", the answer seems to be "the same way you'd account for selling it anywhere else". If you're asking "how much can I sell on eBay without declaring it as income", well, shame on you. <img src="styles/default/xenforo/clear.png" class="mceSmilieSprite mceSmilie2" alt=";)" unselectable="on" unselectable="on" />[/QUOTE]</p><p><br /></p>
[QUOTE="-jeffB, post: 1732010, member: 27832"]When I was selling on eBay, it all seemed fairly straightforward -- I declared the amount I received, minus my costs: shipping/insurance PayPal fees eBay fees amount I paid for the item (including sales tax and shipping, if any) It was my understanding that I could claim mileage for taking stuff to the PO, but could not deduct my time. I don't think I ever actually did deduct for mileage. I did NOT try to go down the path of designating part of my house for business use or anything like that. I've not yet been audited, so I have no confirmation whether I was doing everything right. I'm certainly not an accountant or lawyer, so while this may sound like advice, it won't get you far in court. So, if you're asking "how should I account for stuff I sell on eBay", the answer seems to be "the same way you'd account for selling it anywhere else". If you're asking "how much can I sell on eBay without declaring it as income", well, shame on you. ;)[/QUOTE]
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