eBay and Taxes

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Postby halftonegraphics on Mon Aug 20, 2018 8:05 pm

just echoing what has been said. paypal issues a 1099 if you do $20K AND 200 transaction. if you do any less, doesnt mean you dont owe on it.

learn how to do a schedule c. keep track of your monies in and your monies out.
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Postby Dragyn on Mon Aug 20, 2018 8:51 pm

halftonegraphics wrote:just echoing what has been said. paypal issues a 1099 if you do $20K AND 200 transaction. if you do any less, doesnt mean you dont owe on it.

learn how to do a schedule c. keep track of your monies in and your monies out.


Ya tried that when I first started out but got lazy LOL
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Postby jjttdw on Mon Aug 20, 2018 11:20 pm

Not true. Blue told him he had to pay taxes.

I used to work for a forsensic accounting firm and I calculated the insurable financial loss for a company that had a fire. We went through the numbers and when I finished he looked at me and said "for every two dollars I make I put one in my pocket." I told him that if he wanted to refile his state sales returns and federal returns I'd be happy to reconsider my calculations. He politely declined.

If everyone paid what they owed in the U.S. we would have little to no deficit.
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Postby Codeblue on Tue Aug 21, 2018 2:12 pm

Prolly not, but if every large corporation paid what they owed instead of trying to avoid as many taxes as possible, dat might be true.
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Postby jjttdw on Tue Aug 21, 2018 2:15 pm

Codeblue wrote:Prolly not, but if every large corporation paid what they owed instead of trying to avoid as many taxes as possible, dat might be true.


Let me preface by saying if everyone paid what they owed before the YUGE Trump tax giveaway.
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NEWPORTS69 wrote:ive kept journal for very long time and ranked public restrooms because i srs hate using them, was working on an app but im not very smart

Postby IWish on Tue Aug 21, 2018 2:50 pm

jjttdw wrote:
Codeblue wrote:Prolly not, but if every large corporation paid what they owed instead of trying to avoid as many taxes as possible, dat might be true.


Let me preface by saying if everyone paid what they owed before the YUGE Trump tax giveaway.



Tannenbaum notes that "the data suggest that the the vast majority of tax savings have been used by companies to increase dividends and repurchase shares, which gives shareholders more money but doesn't increase corporate investment or workers' wages.

Just another 'drymount you' given to the little guys.
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Postby RiotAct on Sat Aug 25, 2018 10:08 am

Codeblue wrote:IRS don't really give a fudge.
Taxpayers must report on their tax return the income earned from hobbies.


https://www.irs.gov/hobby-or-business-i ... -to-decide


Sounds great. So, I also get to write off the $$ I spend on posters, right?!?
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Postby jjttdw on Tue Aug 28, 2018 3:53 pm

RiotAct wrote:
Codeblue wrote:IRS don't really give a fudge.
Taxpayers must report on their tax return the income earned from hobbies.


https://www.irs.gov/hobby-or-business-i ... -to-decide


Sounds great. So, I also get to write off the $$ I spend on posters, right?!?


Image
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NEWPORTS69 wrote:ive kept journal for very long time and ranked public restrooms because i srs hate using them, was working on an app but im not very smart

Postby guryter on Wed Aug 29, 2018 2:33 pm

I'm lazy so could someone tell me if there is a way to view all money received for the year within paypal?

mmmthanks.
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Relax, I honestly don't give a fudge.

Postby jjttdw on Wed Aug 29, 2018 3:19 pm

jjttdw wrote:
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NEWPORTS69 wrote:ive kept journal for very long time and ranked public restrooms because i srs hate using them, was working on an app but im not very smart

Postby bubbie on Wed Aug 29, 2018 3:27 pm

:lol:
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Postby halftonegraphics on Wed Aug 29, 2018 7:56 pm

guryter wrote:I'm lazy so could someone tell me if there is a way to view all money received for the year within paypal?

mmmthanks.



activity (up top) > statements (rightside button that has four lines and says statements) > quick reports > financial summaries > annual financial summary
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Postby jjttdw on Wed Aug 29, 2018 9:40 pm

Gotta say, halftone is the most useful EB member in my book.
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NEWPORTS69 wrote:ive kept journal for very long time and ranked public restrooms because i srs hate using them, was working on an app but im not very smart

Postby ToolFanFromWayBack on Wed Aug 29, 2018 9:55 pm

As others have stated you should be reporting all income. If you keep track of what you paid for the print and what you sold it for, you should be able to write off a loss. Of course you would need to report a profit if you flip it.

Some of the collectors in the baseball/basketball card world have gone as far as starting a LLC to do all their buying and selling under. An extreme example I know, but even a causual seller can rack up $10k-$15k pretty easily over the course of a year.
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Postby xangelx on Wed Aug 29, 2018 10:10 pm

jjttdw wrote:Gotta say, halftone is the most useful EB member in my book.


Who would you say is the least useful?
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