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Taxing eBay Part Deux
When my column on paying income tax on eBay profits ran it brought a wave of emails on whether you were required to report income earned from eBay sales to the IRS sparked a number of additional questions and comments from eBay sellers who were hoping that I could somehow validate that their eBay activities were mere hobbies instead of actual businesses and therefore not susceptible to IRS taxation. Several folks argued that just because their little eBay hobby generated a little cash, that didn't make it a full blown business. It seems they consider the income from their little hobby to be financial manna from Heaven and thereby not taxable by earthly tax collectors. I've always been amused by folks who try to impress me with talk about their "little side business" but when the subject turns to taxes they suddenly refer to it as "my little hobby." All arguments aside, the conclusion that I came to after reading each of the emails was always the same: while you may think selling on eBay is just a fun pastime and the money you're making is not reportable as income, depending on the circumstances, the IRS would probably disagree with you. It seems that everyone likes making money, but hates carving off a piece for good old Uncle Sam. Welcome to free enterprise, folks. If you're going to come to the dance you have to pay the fiddler. The IRS rules are clear: you must pay taxes on all personal and business income and that includes money you make selling on Ebay. In its most basic sense, the IRS rules can be interpreted to mean that if you buy an old vase at a garage sale for $10 and sell it on eBay (or elsewhere) for $20 you made a $10 profit and therefore must report it as income and pay Uncle Sam his fair share. In reality, if you are a casual seller who only sells a few items on eBay every now and then it's doubtful the IRS is going to let loose an army of agents to collect taxes on the few bucks you make. However, if you consistently sell on eBay the IRS may deem your activities to be business oriented and you will be required to file a Schedule C and claim the income. As mentioned last week, the IRS uses a number of factors to determine if an eBay hobby that generates sales revenue is actually a business. These factors include: · Do you carry on the hobby in a business-like manner? · Do you spend considerable time working on the hobby? · Do you depend on income from your hobby for your livelihood? If the answer to any or all of these question is yes, you're running a business, not carrying on a hobby, and you are responsible for paying taxes on your income. What's eBay's take on all this? Naturally eBay is vehemently opposed to anything that might rock the eBay boat. eBay does not issue 1099 tax forms to sellers, nor does it report seller's sales figures to the IRS. Ebay considers itself merely to be a facilitator, meaning that they provide a marketplace in which buyers and sellers come together to do business. Furthermore, under its current system it would be impossible for eBay to issue accurate 1099s to sellers. eBay does not track if a seller actually gets paid by the buyer, so eBay has no idea how much money - if any - actually changes hands at the end of each transaction. On the bright side, if you do sell on eBay as a business you can deduct a number of business expenses, including the cost of inventory, listing fees, shipping, envelopes, packing materials, etc. You might also be able to deduct things like the purchase of a computer for business use, office space (even if it's a home office), office supplies, and more. Talk to your accountant if there's any doubt as to whether you should or should not be paying taxes on your eBay earnings. Small Business Q&A is written by veteran entrepreneurand syndicated columnist, Tim Knox.Tim's latest books include "Small Business Success Secrets"and "The 30 Day Blueprint For Success!"Related Links:http://www.smallbusinessqa.comhttp://www.dropshipwholesale.net
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Turkish Treasury holds auctions to borrow $1.86B Yeni Şafak English Treasury and Finance Ministry holds auctions for fixed coupon and CPI-indexed government bonds. Michael Jordan's game-worn shoe heads to auction after rescue from mall New York Post More than 20 years after Michael Jordan won his last championship, the NBA legend's game-worn Air Jordan from 1985 is up for sale – after being salvaged ... Concierge Auctions Unveils February Lineup Of Top-Tier Properties Across Five US States And Three Countries PRNewswire NEW YORK, Feb. 19, 2019 /PRNewswire/ -- Concierge Auctions has announced its February lineup available across five U.S. states and three countries, and ... Lou Gehrig's game-worn hat expected to fetch $200,000 at auction New York Post A host of Yankees legend Lou Gehrig's personal memorabilia is up for auction, with a game-worn hat in impeccable condition valued at $200000 as the ... Rarest, most valuable US paper bills in existence set for multimillion dollar auction Fox News Three exceedingly rare 19th century U.S. currency notes are expected to sell for a combined $7 million when they are auctioned off next week. Luxury Real-Estate Firm Concierge Auctions Fights Allegations of Fraudulent Bids Wall Street Journal In the competitive world of luxury real estate, Concierge Auctions is the dominant force in the rapidly growing business of selling pricey properties to the highest ... National Powersport Auctions Roars Into Sacramento Motorcycle & Powersports News Given the size of the state and the volume of anticipated business, the new Sacramento operation occupies a 38000 sq. ft. facility conveniently located near ... North Carroll: Annual auction for Boy Scout Troop 380 set for March 2 Carroll County Times Boy Scout Troop 380 is holding its annual auction to raise money toward supporting the troop and its events. The auction will be run from 9 a.m. until 5 p.m. ... Online auction for the United Way is March 8 Cornell Chronicle The fourth annual Big Red Online Auction to benefit the United Way will be held March 8 from 12:01 a.m. to 11:59 p.m.. Torrington sells downtown property at tax auction; no bids on 2nd site - Torrington Register Citizen Torrington sells downtown property at tax auction; no bids on 2nd site Torrington Register Citizen TORRINGTON — A sparse crowd attended the city's delinquent tax auction Tuesday, where one of the two properties for sale was purchased. The former ... Auction of Treasury bills RIKV 19 0618 Iceland Stock Exchange:RIK GlobeNewswire On Friday, 22 February at 11:00 a.m. Government Debt Management will conduct an auction of Treasury bills RIKV 19 0618 which mature on 18 June 2019. Load shedding 'devastates' SA vehicle auctions Wheels24 Load shedding is having a devastating effect on vehicle auctioneers, according to Darryl Jacobson, managing director of True Price. Highlights from the record-breaking 2019 Retromobile car auctions New Atlas The cluster of elite car auctions associated with Rétromobile grew in strength yet again this year with official auction house Artcurial and the world's largest ... Chandler Speedway up for auction TriStateHomepage.com The auction will take place on Wednesday, March 20. Auctioneer facing more theft allegations at National Book Auctions ithaca.com Local auctioneer David Hall, who ran two local consignment companies, has been hit with another lawsuit regarding the operation of his National Book Auctions ... Museum of Art auction ends Thursday Daily Commercial LAKELAND — The Polk Museum of Art's annual fundraising online auction ends at 5 p.m. Thursday. Nearly 70 items are being sold to the highest bidder for just ... Brisbane auctions: Buyers hanging out for the houses with nothing to do Domain News In this era of time-poor professionals and busy families, finding a house that requires no work has become a high priority for many Brisbane buyers. Visit The Kung Fu Nuns Of Nepal And Other Auction Items At The Hollywood For Science Gala Forbes Buddhist nuns practice Kung Fu at the Amitabha Drukpa Nunnery on the outskirts of KathmanduGetty. Our world is dramatically changing through global ... Department of Revenue announces auction schedule for Borriello Brothers Pizza KOAA 5 Your browser does not currently recognize any of the video formats available. Click here to visit our frequently asked questions about HTML5 video. Long Chim adds Thai spice to Auction House Market NOLA.com Long Chim began with a craving. After moving to New Orleans, May Mananya couldn't find the food she used to eat in her native Bangkok. So she started ... Vodafone Idea wants 5G auctions only after 2020 ETTelecom.com Vodafone Idea Limited (VIL), India's leading telecom operator said that 5G auction should only take place sometime after 2020. KAR Auction Services Inc (KAR) to Issue $0.35 Quarterly Dividend Fairfield Current KAR Auction Services Inc (NYSE:KAR) announced a quarterly dividend on Tuesday, February 19th, RTT News reports. Shareholders of record on Friday, March ... Local News Clark County to hold first surplus auction of the year Amy Abdelsayed 9:55 KTNV Las Vegas LAS VEGAS (KTNV) — Clark County's first government surplus auction of 2019 is just around the corner and the preview and pre-registration begin next week. Germany Awards 476 Megawatts In Latest Undersubscribed Onshore Wind Auction CleanTechnica February 20th, 2019 by Joshua S Hill. Germany's latest onshore wind tender was again undersubscribed with only 476 megawatts (MW) of capacity being ... 'Ballpark Auctions' moves to new Port Richey location FOX 13 News, Tampa Bay There's a brand new place in Port Richey called Ballpark Auctions. Monty Mason '89 yearbook pages depict Pi Lambda Phi 'slave auctions' The Flat Hat When Virginia Senator Monty Mason '89 (D-Williamsburg) was an undergraduate at the College of William and Mary, his fraternity — Pi Lambda Phi ... The FCC Just Wrapped Its First 5G Airwave Auction, and It Didn't Even Crack $1 Billion Fortune The first 5G airwave license auction ended with the Federal Communications Commission receiving total winning bids of $702 million. Big Changes Expected For The Boulevard Mall If It Goes To Auction wyrk.com The way people shop has completely changed so of course the places where we shop will need to change too. That looks like the case with The Boulevard Mall. Auction Preview: Extraordinary Books and Manuscripts at Bonhams, New York, Mar 12 | Artinfo BLOUIN ARTINFO What: Extraordinary Books and Manuscripts. Where: Bonhams, 580 Madison Avenue, New York NY 10022, USA. When: 12 March, 02.00 EDT. Public Viewing: ... Online New Mexico-Based Dispersal Auction Takes Place Feb. 22-25 - Horse Racing News Paulick Report An online auction of 70 Thoroughbreds, including broodmares, yearlings, 2-year-olds, and a stallion, will take place Feb. 22-25 as part of a court-ordered ... Sheldon Christian School hosting auction | News nwestiowa.com SHELDON—The good book says faith can move mountains and a group of believers also hope it can help raise $35000 for Sheldon Christian School. Chocolate auction supports youth programs Valleyjournal ARLEE – Auctioneer JR Strand had never seen a three-way tie for the top honor at the Arlee Chocolate Lover's Festival, but he did this year af... SVN Auction Services awarded contract to support UDOT to meet mandate to sell surplus real property GlobeNewswire SVN Auction Services builds electronic online auction platform to enable the Utah Department of Transportation to accelerate and close sales of surplus real ... Defunct, iconic Monroe hardware store to host auction CTPost MONROE — The owner of Stepney Hardware, 590 Main St., broke hearts last month when he announced the iconic store would close after more than 60 years ... Auction to benefit Denver Fair EphrataReview.com Photo by Alice Hummer The Auction Committee admires some of the larger items donated for their Feb. 23 event at Denver Fire Company. All proceeds benefit ... Industry Stunned as Mexico Cancels Clean Power Auction Greentech Media News Mexico's renewables sector is reeling from the cancellation of an upcoming clean energy auction and the likely handing of power back to state entities. Global Wine Auction Market Exceeds $479 Million in 2018 | Collecting News | Collecting Wine Spectator While 2018 was a volatile year for Wall Street, it was a winning year for wine auctions. Bidders paid record prices for a host of rarities ranging from Domaine de ... 9 Online Auction Sites to Rival eBay G2 Crowd Online auctions are a great way to snag unique items, so we've compiled a list of 9 online auction sites that work similarly to eBay but offer a unique way for you ... First-home buyers take charge at auctions as increased bank scrutiny causes investors to retreat Domain News The market displays \'renewed vigour\' as young buyers and upsizing families take advantage of declining investor numbers. Feds auction off prized horses of ex-Venezuela treasurer who got rich as socialist country crumbled Fox News As Venezuela's path of socialism was going bust and millions of people were drowning in poverty without access to adequate healthcare or even food, a small ... Auction for memorabilia at popular Mardi Gras Multiclub underway WPRI 12 Eyewitness News According to Salvadore Auctions website, the doors opened at 9 a.m. and bidding started at at 11 a.m. on Saturday. 3 White Tractors Sold Today on Illinois Farm Auction AgWeb A whiteout today (February 16, 2019) at the George & Curtis Overcash estate and Larry Overcash farm auction in Canton, IL. Nope, I'm not talking whiteout as in ... Candlelight Ball auction to raise money for APSU scholarships Clarksville Leaf Chronicle Every spring, the Austin Peay State University Candlelight Ball provides an evening of fine dining and dancing, while also allowing participants to support ... Silent Auction Will Benefit Programs At Linden House Ste. Genevieve Herald French Colonial America, the properties of the campus of the National Society of the Colonial Dames of America in the State of Missouri, will host a silent auction ... FDM Auction Brings Dance Marathon to 61 Percent of its Goal Fordham Ram This year's Fordham Dance Marathon Auction (FDM), benefitting The Andrew McDonough Be Positive (B+) Foundation, brought the FDM team to 61 percent of ... SCS Winter Auction Packer football | News nwestiowa.com This football signed the 2018 Green Bay Packers will be up for bid during the Sheldon Christian School 2019 Winter Auction on Friday, Feb. 22. Art auction funds scholarship in memory of beloved teacher Big Country Homepage A new scholarship is being organized in memory of beloved Wylie art teacher Stacy Horton Sanchez. You can help fund the scholarship for it's first students at a ... Antigua Villa Heading to Auction Caribbean Journal A luxe Antigua villa is headed to auction, Caribbean Journal has learned: the Villa Nonsuch at Antigua's prestigious Nonsuch Bay. Jourdanton Chamber of Commerce BBQ/Auction Pleasanton Express Once again the The Jourdanton Chamber of Commerce would like to invite everyone to their annual BBQ & Auction that is fast approaching! Mark those ... BCSO Hosts Car Auction My Panhandle Those in need of a car were able to get some great deals early Saturday morning. Realtors' auction set for St. Demetrios | News, Sports, Jobs Warren Tribune Chronicle WABOR FUNDRAISER FOR MISSION: Warren Area Board of Realtors will hold a quarter auction fundraiser 7 p.m. Thursday at St. Demetrios Community Center ... Auction set for kuleana on Zuckerberg estate Thegardenisland.com LIHUE — Several small land parcels located within the boundaries of Facebook CEO Mark Zuckerberg's 700-acre estate on the North Shore will be sold at a ... Quora adds search-like keyword targeting, Auction Insights for advertisers Search Engine Land SAN JOSE — Quora continues to rapidly build out features and capabilities of its not-yet-two-year old advertising platform. The question and answer platform ... Tulsa Livestock Auction report | Markets High Plains Journal The Tulsa Livestock Auction, Tulsa, Oklahoma, reported receipts of 2370 head selling Feb. 18, compared to 1483 head a week ago and 1978 head last year, ... Auction of inflation-linked Treasury bonds RIKS 26 0216 Iceland Stock Exchange:RIK GlobeNewswire On Thursday, 21 February at 11:00 am, Government Debt Management will conduct an auction of Treasury bonds. In this auction Inflation-linked Treasury Bonds ... Ft. Pierre Livestock Auction report | Markets High Plains Journal The Ft. Pierre Livestock Auction, Ft. Pierre, South Dakota, reported receipts of 5979 head selling Feb. 15, compared to 2569 head a week ago and 5558 head ... Online auction of seized Belgian bitcoin begins next week The Irish Times Wilsons Auctions secures contract to sell 315 coins of cryptocurrency. Auction Preview: Lacquer, Jade, Bronze, Ink: The Irving Collection Day Sale at Christie's, New York, Mar 21 | Artinfo BLOUIN ARTINFO What: Lacquer, Jade, Bronze, Ink: The Irving Collection Day Sale. Where: Christie's; 20 Rockefeller Center. When: March 21; 10.00 am and 02.00 pm. Auction Preview: Furniture and Decorative Art at Dorotheum, Vienna, Mar 11 | Artinfo BLOUIN ARTINFO What: Furniture and Decorative Art. Where: Dorotheum; Dorotheergasse 17, 1010 Wien, Austria. When: March 11; 04.00 pm. Top lots of the sale: - An imposing ... Arkansas livestock auction summary | Markets High Plains Journal The summary of livestock auctions in Arkansas for the week ending Feb. 15, showed estimated receipts of 7605 head selling, compared to 5600 head a week ... Georgia livestock auction summary | Markets High Plains Journal The summary of livestock auctions in Georgia for the week ending Feb. 15, totaled 6728 head selling, compared to 8602 head a week ago and 6066 head last ... George Washington's 'illustrious' hair goes up for auction Fox News A lock of hair from founding father George Washington is set to go up for auction next month and experts believe it could fetch a pretty penny. David Gilmour's guitar collection comes to auction Christie's David Gilmour's 1969 Black Fender Stratocaster has earned its place in rock'n'roll history. Known as 'The Black Strat', the guitar was purchased in 1970 at ... Auction Preview: Home & Interiors at Bonhams, London, Mar 13 BLOUIN ARTINFO What: Home & Interiors. Where: Bonhams, Montpelier Street, Knightsbridge, London SW7 1HH, UK. When: 13 March, 10.00 GMT. Public Viewing: 10 Mar 2019 ... Ayrton Senna memorabilia smashes auction records New Atlas Three-time Formula One Champion Ayrton Senna continued to smash records 25 years after his death at Retromobile last weekend, setting new auction price ... Hilco Industrial to auction CNC machine tools March 7-13 The Fabricator Hilco Industrial, Northbrook, Ill., in partnership with Resell CNC Auctions, will conduct an online-only auction, from March 7-13, of precision CNC machine tools ... Third annual auction benefits QHS FFA Herald-Whig The third annual Quincy High School FFA auction will take place Thursday, Feb. 21, in the QHS cafeteria. 007 Lots You Can Buy In The Bond & Beyond Auction Forbes Memorabilia associated with James Bond and other vintage action stars hits the auction block on February 7th. A range of material from actual film-used props to ... Julian Edelman's Used Beard Clippings Pass $2,000 Mark In Charity Auction TMZ The famous facial hair Julian Edelman rocked this past season can be all yours. Three Lotus Carltons are up for sale… at the same auction Top Gear Race Retro sale includes three examples of the iconic super-saloon. Greg Potts. 20 Feb 2019. Facebook · Twitter · Google+ · WhatsApp · Mailto · Copy link. Clark County auction scheduled for March 2 KLAS-TV Clark County will hold its first government auction of the year on Saturday, March 2. 2019 Fantasy Baseball Draft Prep: 12-team Head-to-head points auction CBS Sports Every auction is different, of course, but Scott White says it wasn't so surprising to see owners go aggressively after starting pitching in this one. Up for auction: Bob Dylan's childhood bathroom sink Bring Me The News It's being sold on Ebay by the owners of the former Zimmy's Restaurant. Mystery Buyer Splashes Out Thousands On Sperm Whale Penis At Auction LADbible The Out of The Ordinary auction boasted some of the weirdest objects from around the world. LaFayette's last dairy farm to auction off equipment, cattle WSYR Owner Bud Nurse told NewsChannel 9 due to his health and the dairy economy, he has decided to auction off all of his equipment and cattle. Bifacial takes all in Alberta large-scale PV auction, final price cheaper than gas pv magazine International The Albertan Ministry of Infrastructure allocated around 94 MW of solar capacity and the three selected projects, all using bifacial modules, were secured by ... The Golf Auction to present rare, coveted pieces of the PGA REACH collection PGA.com A 1999 PGA Championship flag autographed by Tiger Woods is one of the rare collectibles that is part of the PGA REACH Collection, which will be unveiled for ... Priciest home ever listed for sale in Arizona draws $14 million bid at auction AZCentral One of Arizona's priciest homes — a 31000-square-foot Paradise Valley mansion listed for $35 million — drew a top bid of $14 million on Jan. 31. Obsessing Over Astronomical Auction Results Only Makes Us Miserable The Drive If there's one annoying automotive enthusiast tic that needs to stop, it's all the fussing and hum-hawing over auction results. Every time there's a nearly perfect ... Mardi Gras Multi Club items being sold at auction Turn to 10 Here's a chance to own a piece of Rhode Island nightclub history. Items from Mardi Gras, JR's Fastlane, Mustang Sally's and Club 5 in Cranston are being sold ... No One Wanted To Buy These 'Hitler Paintings' At Controversial Nuremberg Auction HuffPost Five paintings purportedly made by genocidal dictator Adolf Hitler failed to find any buyers at a weekend auction in Nuremberg, Germany, amid concerns about ... New England Patriots Julian Edelman's beard trimmings up for auction MassLive.com Julian Edelman's beard is no more but the trimmings will have a second life, of sorts. Bay County Sheriff's Office holding vehicle surplus auction Saturday WJHG-TV Officials say the vehicles come from places such as the Bay County Sheriff's Office, the Franklin County Sheriff's Office, and the City of Parker. Eric Sabree welcomes investigations of family's role in tax foreclosure auction The Detroit News Wayne County Treasurer Eric Sabree embraced two separate county reviews of his family's property purchases from his office's tax auction, he said in a ... Buckeye Cruise For Cancer Auction Includes Woody Hayes Projector, Urban Meyer's 2014 Playbook and Various Auto Eleven Warriors The Buckeye Cruise For Cancer has a mighty impressive live auction lineup including Urban Meyer's 2014 playbook, Woody Hayes' projector, a charm of seven ... Stanford White’s Bowery Savings Bank building will head to auction Curbed NY The Bowery Savings Bank building is headed to auction in a showy spectacle that its owner is hoping results in a big-figure sale. 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