Home› Trading Cards & Memorabilia Forum

taxes and ebay

OAKESY25OAKESY25 Posts: 4,726 ✭✭✭
in Trading Cards & Memorabilia Forum
do you guys pay taxes on your ebay sales.. I have sold quite a bit in the last year.. probably between 15 -20k
of course I have costs i can write off.. but I have made a decent profit too..
I don't wanna get it in the end on a couple years if you know what I mean

bob

Comments

  • LeiascardsLeiascards Posts: 3,233
    Anything over 400.00 needs to be reported of course if you kept track of all your receipts for everything you can usually knock your liabilty down to next to nothing.
  • clydecoolidgeclydecoolidge Posts: 863 ✭
    Shhhhh!!! image
    "I've never been able to properly explain myself in this climate" -Raul Duke

    ebay i.d. clydecoolidge - Lots of vintage stars and HOFers, raw, condition fully disclosed.
  • sayheykid54sayheykid54 Posts: 779 ✭✭
    The IRS is always looking for way to generate more tax money. But on the flip side, how about being able to write off your loses?
  • blades3blades3 Posts: 141
    The thing with this industry is there aren't many people that keep receipts, or get them for that matter. I've slowly been selling off a lot of stuff I bought when I was younger and even stuff I purchased during the 1990s. How many of us saved receipts from that 1979 wax box you purchased when you were 8? How many times do you walk around a show and pick up 30 singles, pay with cash and not get receipts. It's all memory and guesses even if you file. I've talked to my accountant a lot about this and he just says to estimate the best you can.
    Steven Bloedow
    Collect Auctions
Sign In or Register to comment.