Posts Tagged ‘Theoretical Question’

IRS question…if someone makes hundreds of sales per week, can reporting be as a whole or must u itemize?

July 7th, 2012 6 comments

I have no experience with the IRS or running a business, but I have a theoretical question. Let’s say that someone runs ebay sales and does 500 auctions a week. The items are bought either individually or as large lots and broken down into individual items. As you can see this would be an outrageous paperwork nightmare for 1 person running a business. So could you just add up the grand total sales for the year and subtract all expenses or would you literally have to do the other way

You do total sales and then total expenses on a schedule c for the year.