Auction Power Guide

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.

For more information on ebay sales 2009 click here