hxckid88 Posted January 12, 2015 Posted January 12, 2015 Do you have to pay taxes on eBay sales.... Yes. You also have to not j walk. People do it and get away with it. If people want to start talking legality of it. Come correct. You can..... Legally declare a loss on your business for a few years. You can legally write everything off. What you do as far as paying taxes and how your are is a personal choice. Sent from my SAMSUNG-SGH-I747 using Brickpicker mobile app Quote
imirish11 Posted January 12, 2015 Posted January 12, 2015 Without starting another fight about what is right/wrong concerning paying taxes. What about selling on Brick Classifieds and EBay, will it be the sum of sales from both which will be used by PayPal to determine when to issue a 1099 form at the end of the year? Yes, they sum all gross receipts both on and off eBay for 1099. 1 Quote
RunMan3 Posted January 12, 2015 Posted January 12, 2015 Yes, they sum all gross receipts both on and off eBay for 1099. Thanks. I assumed that was the case but was not sure. Quote
vexxet Posted January 12, 2015 Posted January 12, 2015 i just want to drop this little nugget here and ask if this is proper. You can claim gas money used as expenses for income right to go and buy lego sets? also you can claim cost of internet as a deductible as well as any shipping that is ever incurred right? Quote
hxckid88 Posted January 12, 2015 Posted January 12, 2015 i just want to drop this little nugget here and ask if this is proper. You can claim gas money used as expenses for income right to go and buy lego sets? also you can claim cost of internet as a deductible as well as any shipping that is ever incurred right? This is correct. As well as any space you use to store lego. Tour laptop your phone your printer....etc etc. Pretty much anything. If you arnt doing serious serious volume you should Not be paying much if anything in taxes. Sent from my SAMSUNG-SGH-I747 using Brickpicker mobile app 1 Quote
Achilles Posted January 12, 2015 Posted January 12, 2015 i just want to drop this little nugget here and ask if this is proper. You can claim gas money used as expenses for income right to go and buy lego sets? also you can claim cost of internet as a deductible as well as any shipping that is ever incurred right? Point of clarification on this, you can claim EITHER Milage OR actual costs (gas, repairs, etc). In the vast majority of cases, Milage is the easier/better way to go. I think it was .56 a mile this past year. http://www.nolo.com/legal-encyclopedia/small-business-tax-faq-29131-2.html Is a decent rundown on vehicle expenses claims. 2 Quote
jgschmieg3 Posted July 22, 2016 Posted July 22, 2016 Can someone please clarify something for me? I understand the 200 transactions and 20000 rule for getting A 1099. However, what constitutes a transaction? Is it 200 sales? Or is it a combination of sales and purchases equals 200? Quote
Legbrick Posted July 22, 2016 Posted July 22, 2016 Money paid TO YOU is what they count. Incoming cash! Not outgoing. They got me good last year... big chunk of my profits POOF! Quote
labfreak7 Posted July 22, 2016 Posted July 22, 2016 Everything you collect including shipping fees is considered income. That's why I don't understand sellers that undercut for below minimum wage profits- makes it look like you made a lot, and Uncle Sam comes calling for his cut. Quote
asharerin Posted July 22, 2016 Posted July 22, 2016 53 minutes ago, jgschmieg3 said: Can someone please clarify something for me? I understand the 200 transactions and 20000 rule for getting A 1099. However, what constitutes a transaction? Is it 200 sales? Or is it a combination of sales and purchases equals 200? The 200 transaction requirement is for sales only. Purchases, gift payments, or payments from family or friends are not included in the total to make 200. Just remember just because Paypal does not issue a 1099 does not mean you do not have to declare your lego reselling income on your taxes. Also the 200 transactions / $20k rule is the threshold at which Paypal is required by law to report your income to the IRS. They can issue a 1099 if you do not meet the thresholds if they wish. 1 Quote
Phil B Posted July 22, 2016 Posted July 22, 2016 9 minutes ago, Legbrick said: Money paid TO YOU is what they count. Incoming cash! Not outgoing. They got me good last year... big chunk of my profits POOF! Those were not really your profits - even a single sale should be reported on your tax return and appropriately taxed. Just because they don't come knocking doesn't mean it's not taxable .... Quote
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.