Do I need to report my income from EBAY Selling to IRS?
I have recently started selling some stuff on ebay. I have earned around 150-200 dollars. Do I need to report my earnings to IRS or is there any umbrella limit within which its alright not to report?
I made over $2000 on eBay in 2008 selling stuff for my boss and never claimed it.
No I think 500
References :
No, screw those scumbags. Its your money keep it.
References :
If you file at all, then you must report all of your income, including this.
If the total of your all your income, not just this, is under $400, then you probably do not need to file or report anything. But if you do file or report anything, then you must include this, even if it is only $1.
References :
Keith’s answer is the best. If the items you are selling are personal items and you sold them for less than you paid for them, there is no income to declare. If you sell them for more than you paid for them, you need to declare the difference (your profit, not the full amount).
If you have a business from your home re-selling items, you need to fill out the schedule C or C-EZ and declare all income less all expenses, pay self-employment taxes, etc.
References :
I made over $2000 on eBay in 2008 selling stuff for my boss and never claimed it.
References :
This is self employed income.
You must file your tax return if your self employed income is $400 or more. You will report your income and business related expenses on schedule C or C-EZ (Form 1040). Then you put net income (or loss) on line 12 of Form 1040. This income is subject to SE tax at 15.3% (this is shown on line 57 of Form 1040).
References :
Self employed, independent contractor or sole proprietor http://taxipay.blogspot.com/2008/04/tax-filing-by-self-employed-sole.html