EBAY advice needed

[My English Castle]

Hey Disney Steve- Weren't you going to start an ebay challenge for us?
Hoping that competition will force me into listing some things!

[disneysteve]

Hey Disney Steve- Weren't you going to start an ebay challenge for us?
Hoping that competition will force me into listing some things!

Oh yeah. Forgot about that. How much was it going to be for? $50/month maybe? I think that came up in my blog. I'll check.

ETA: I found it. It was $100/month. I'll start a new thread.

[Mudweiser]

Just a side question: When you sell items on Ebay and Half.com, is that taxable income needed to report on taxes? Do I need to keep track of all my transactions?

Thanks - Tim

[disneysteve]

Tim, the answer is that it depends. The standard answer is that ALL income is reportable. Realisitically, if you are selling personal items, household stuff, old clothes, used toys, etc., most people don't report that because you are selling for less than you paid for the items, so there would be no tax due.

If, however, you are selling items at a profit, either things you bought intentionally to resell or things you already owned that have appreciated in value like collectible items, that is taxable income.

So the legal answer is that everything should be reported. What individual sellers choose to do doesn't often follow that, though.

Personally, I do ebay as a small side business. I have a business license. I have a tax ID. I collect and report sales tax. And I report and pay taxes on my ebay income.

[Mudweiser]

Thanks