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Re: I have to start at least one Ebay thread today-- the tax man is coming
<< <i> << <i>If everyone just paid their fair share, there would be more than enough money to go around, and even enough to fund that quagmire on the other side of the world. >> The politicians would just spend it and more. Russ, NCNE >> I agree with Russ. -
Re: I have to start at least one Ebay thread today-- the tax man is coming
<< <i> << <i>Sure, I don't have to worry about the IRS knocking at my door but they make it so tempting to cheat or simply fail to file or pay. >> Just because you cross all the t's and dot all the i's doesn't mean the IRS won't come knocking at your door. I've been audited three times, starting with the very first year I… -
Re: I have to start at least one Ebay thread today-- the tax man is coming
No receipts = zero cost basis. Russ, NCNE -
Re: I have to start at least one Ebay thread today-- the tax man is coming
<< <i>No receipts = zero cost basis. Russ, NCNE >> What about face value? -
Re: I have to start at least one Ebay thread today-- the tax man is coming
<< <i>If everyone just paid their fair share, there would be more than enough money to go around, and even enough to fund that quagmire on the other side of the world. >> The politicians would just spend it and more. Russ, NCNE -
Re: I have to start at least one Ebay thread today-- the tax man is coming
<< <i>Under current tax law, an individual who sells an item online and collects more money than its purchased value is expected to report that money as income on their tax return. >> Duh. Russ, NCNE -
Re: I have to start at least one Ebay thread today-- the tax man is coming
<< <i>You can write off loses up to the profits you are declaring. >> Unless you're a business with no personal w-2 income. Then you can write off losses, whether you have a profit or not. Russ, NCNE -
Re: I have to start at least one Ebay thread today-- the tax man is coming
<< <i>Sure, I don't have to worry about the IRS knocking at my door but they make it so tempting to cheat or simply fail to file or pay. >> Just because you cross all the t's and dot all the i's doesn't mean the IRS won't come knocking at your door. I've been audited three times, starting with the very first year I went in… -
Re: I have to start at least one Ebay thread today-- the tax man is coming
<< <i>At least I know that I don't have to worry about drowning in flop sweat >> I sure was the first time. The audit was triggered because I had significant tax-loss carrybacks in to previous year's W-2 income. I was pretty sure I had my ducks in a row, but it still scared the crap out of me. No changes, though, and the…
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