cybernigel wrote:henna wrote:jshea wrote:henna wrote:This may have to do with the bill that passed recently, I don't remember the title of it but the one that addressed the mortgage issues. There was language added to it requiring that electronic 3rd party payment services are required to begin reporting transaction info to the IRS. I thought it was to begin in 2010, but perhaps I misread the dates. At least now I don't feel like such a dope for reporting ebay income for the last 3 years.
I can't remember ... do you report any/all income, or is there a threshold? Something like $1,000+?
I don't know the rules. I just claim any $ that comes in as gross, minus cost of (the item + ebay / paypal / shipping fees), this way it's taxed as odinary income. I don't know if appreciation of art would quailfy as capital gains under the tax code and therefore be taxable at 15%. But when I consider what the difference boils down to in actual dollars I just figure it's not worth the hassle of talking to a tax accountant about. If you do sell a good amount, you may want to talk to a professional.
And you just list, "Flipper" as your occupation?
Henna "flipped" me a Soup Can. Good dude, don't hate!