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<p>[QUOTE=&quot;Vess1, post: 360150, member: 13650&quot;]I agree with this statement. If you haven&#039;t gotten an employer ID # from the IRS, than you are not a business yet.</p><p>&nbsp;</p><p>If you&#039;re doing it for a hobby, how honest are you? Have you saved, or are you going to save every receipt from everything you&#039;ve purchased and documented it or are you planning to in the future? Without receipts, there&#039;s no telling if you paid 100 dollars cash for that coin from your buddy or 20. <img src="styles/default/xenforo/clear.png" class="mceSmilieSprite mceSmilie2" alt=";)" unselectable="on" unselectable="on" /> Then if you sell it online for 80, and you paid 100 <img src="styles/default/xenforo/clear.png" class="mceSmilieSprite mceSmilie2" alt=";)" unselectable="on" unselectable="on" />, you just lost 20 dollars!! It goes the other way too. </p><p>&nbsp;</p><p>Plenty of people come up with phony businesses for themselves and then write off losses, (on a grander scale than stated above). You can write off losses for 7 straight years, close up shop on that business, start a new one and start over. I think this is the reason they say so many small businesses fail is because there&#039;s so many people out there starting up phony ones to write off everything they want for their hobby and get 25% of their money back from the government.</p><p>&nbsp;</p><p>If you&#039;re just doing it on the side as a hobby, it&#039;s going to be hard to prove what you&#039;ve bought and sold unless you call the IRS up and talk to them about it. Small time deals are hard to prove and I really don&#039;t think they have the time or the manpower to worry about it. If somebody tips them off that you&#039;re making 200,000 a year, then maybe they&#039;ll investigate.</p><p>&nbsp;</p><p>I don&#039;t think they get too worried until you start doing something like that and it becomes your primary income that you&#039;re living on. Or when over a certain percentage of your income, comes from doing something on the side.</p><p>&nbsp;</p><p>I&#039;m not sure why you wouldn&#039;t just want to be an anonymous seller on ebay and leave it at that. Unless you really want to do this for a living.</p><p>&nbsp;</p><p>&nbsp; BTW, if you do decide to become a business, now you&#039;re required to issue receipts to everyone and charge sales tax for all purchases made within your state.&nbsp; Right there you will lose many people within your state of residence to ebay.[/QUOTE]</p><p><br /></p>

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