Auction Power Guide

Also, what do I do about my income tax? Do I turn in the income from Ebay or just my regular Job? Thanks!

Trust me; you want no part of the “wholesaler” game. What once was a great idea has now spread so everyone and their mother is doing it. Margins are razor thin at best and I suspect non-existent when you factor in most drop shippers "Membership fees" along with eBay and PayPal’s cut.

Clothing is a BIG business on eBay. Try shopping a discounter like TJ Maxx, Ross for Less, Marshalls or whatever it is called in your area for women’s clothes from designers like Ralph Lauren, BCBG or Tommy Hilfiger. Often times you can find, for example, a woman’s shirt that sells in the mall for $50 on sale for $10. Odds are if you put it on eBay for $25, you’d sell it. The customer thinks they saved $25 and you made $15. 🙂 Now multiply it by 100 sales and you’re in business. I do about $2K a month in sales and I profit about $500 and that’s from just working part time. It’s not "easy money", you do have to work at it, but if you’re willing to invest the time and effort, you can do it.

Regarding your taxes – Find yourself a good CPA – I managed to write down all of my eBay profit and actually showed a “loss” once I factored in expenses. If you are running your auctions as a business, you may write off a portion of your mortgage/rent, utilities, mileage, internet, paypal fees, postal supplies etc. In addition, if you did any shopping while on vacation you may write off a portion of your hotel bills, your food bills and your mileage there as well.

how do selling on ebay work….and when you get done for the year…….how does paying on taxes work. I mean does it come out to where you are paying back alot or what. Just would like to know as much as I could find out from you all who sell off ebay for business.
thanks.

i have quit from ebay as i received zero income, the listing of your items is chargeable even if no one buying your stuff. Besides that, there was a lot of fake email everyday from unknown culprit. If you interested to do an internet business, Work at home after your working hours or during weekend. go for the internet business which requires less of your time and the one that will not make you feel headache with web designing, or which require IT knowledge. Second, choose the internet based company which offer you the opportunity and at the same time giving you the convenience to start the business. Third, choose the business, which does not require big money to start it.

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Honestly, I tried so many opportunities offered through the internet and this is the only one that really works. Another one advantage of being in the internet business is you can get rid from the Income Tax.
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Online auctions and retailing is big business and growing every year. eBay is the number one site for individuals to sell items and products on the internet. If you are thinking about selling on eBay, one question that you might have is if you are required to pay income tax on your sales? This article should answer your questions.

If you auction a few personal items on eBay every now and then that represent merchandise that would otherwise be sold at a garage sale, you have no tax liability and no extra filing requirement. Normal items that may have been up in the attic or not used in a while likely are worth less than what you paid for them so there is no taxable gain. The loss on these items is also not deductible.

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Web based auctions and retailing is major home business and growing just about every year. eBay is the quantity 1 web-site for people to sell items and merchandise on the online. If you are thinking about selling on eBay, 1 question that you could possibly have is if you are necessary to pay income tax on your sales This post should certainly answer your concerns.

If you auction a couple of private items on eBay just about every now and then that represent merchandise that would otherwise be sold at a garage sale, you have no tax liability and no added filing requirement. Standard items that might possibly have been up in the attic or not made use of in a when probably are worth much less than what you paid for them so there is no taxable acquire. The loss on these items is also not deductible.

The rule is numerous if you sell an item that has appreciated due to the fact it came into your possession. Selling art or antiques that have gone up in value drastically due to the fact acquisition and sold for a profit have to be reported. They will be reported either as a capital acquire on Schedule D or on Schedule C if you are engaged in an web based home business. A smaller acquire on a novelty item is a further matter. For example, if you purchased a GI Joe for $ten and sell it for $100, you have a prospective capital acquire that could be reported. IRS is not probably to be concerned more than a thing smaller like a $90 acquire on a GI Joe. If you have 1 or two such sales like that a year, it is not going to be an concern even if in theory it is a taxable acquire. But an individual selling GI Joe action figures on a common basis as portion of a profit searching for venture would have a prospective IRS situation if they did not incorporate the income on Schedule C of their return. Any legitimate home business expenditures could be deducted from the profit on goods sold of an web based auction home business.

At this point a distinction have to be created among an web based home business and a hobby. A individual who buys items for resale and is attempting to make a profit in web based auctions might possibly have a legitimate home business. In spite of this, if an individual files a Schedule C with their return for an web based home business and reports a loss year just after year, IRS might possibly disallow the losses and declare that activity a hobby. The components that play into this distinction are outlined in IRS Publication 535 (Home business Expenditures). In a nutshell, common web based selling might possibly be a hobby if there is no clear profit motive. If your web based sales are a hobby, the expenditures can not exceed the income from sales for tax loss purposes. While an itemized deduction on Schedule A could possibly be taken by some aggressive people, I would not advise it. An IRS audit is no enjoyable.

A further factor to look into is no matter if or not items you sell had been depreciated for tax purposes in a prior year on your tax return. The sale of workplace equipment or vehicles that had been made use of in home business and had been topic to prior depreciation might possibly result in a necessary recapture of depreciation, capital gains or ordinary income. See a CPA, Enrolled Agent, or Accredited Tax Advisor for support with preparation of your federal income tax should certainly you have concerns about the taxation of web based auctions.