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Schwip
Never sleeps.


Registered: 06/27/05
Posts: 3,937
Last seen: 11 years, 2 months
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Selling on ebay and others vs. tax time
#5878362 - 07/19/06 04:41 PM (17 years, 6 months ago) |
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So I've been really getting into buying shit up at garage/estate sales and reselling it on ebay.
As the profit margin grows, should i worry about reporting it come tax time?
I'm already 46% owner of a business for which i pay taxes for(not payroll). If that even matters.
But :shudder: god forbid I'm ever audited for whatever reason, could ebay ever be brought up?
At what point do private sales cross the line to a business transaction?
-------------------- -------------------------------- " If the sky were to suddenly open up there would be no law. There would be no rule. There would only be you and your memories... the choices you've made, and the people you've touched. If this world were to end there would only be you and him and no-one else. " .............. "MAN! You know there aint no such thing as left over crack!"
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rickpsfuckyou
listening to Mozzy


Registered: 11/26/05
Posts: 1,860
Last seen: 2 years, 4 months
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Re: Selling on ebay and others vs. tax time [Re: Schwip]
#5878383 - 07/19/06 04:46 PM (17 years, 6 months ago) |
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taxes are shite. always avoid paying them unless it is cheaper to do so than not. (i.e. when write offs are greater than what you save by not paying)
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Prisoner#1
Even Dumber ThanAdvertized!


Registered: 01/22/03
Posts: 193,665
Loc: Pvt. Pubfag NutSuck
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Re: Selling on ebay and others vs. tax time [Re: rickpsfuckyou]
#5878390 - 07/19/06 04:48 PM (17 years, 6 months ago) |
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Quote:
rickpsfuckyou said: always avoid paying them unless it is cheaper to do so than not.
you ever had a job hippy?
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rickpsfuckyou
listening to Mozzy


Registered: 11/26/05
Posts: 1,860
Last seen: 2 years, 4 months
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Re: Selling on ebay and others vs. tax time [Re: Prisoner#1]
#5878397 - 07/19/06 04:50 PM (17 years, 6 months ago) |
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i am not a hippy. and yes i have but still fuck that shit the income tax is totally illegal and never ratified by the states to amend the constitution.
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theuser
DON'T LOOK

Registered: 08/04/05
Posts: 5,859
Last seen: 3 years, 11 months
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Re: Selling on ebay and others vs. tax time [Re: rickpsfuckyou]
#5878406 - 07/19/06 04:53 PM (17 years, 6 months ago) |
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All of my companies are online. I shell out mucho tax $$ on all of them. Good luck.
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Schwip
Never sleeps.


Registered: 06/27/05
Posts: 3,937
Last seen: 11 years, 2 months
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Re: Selling on ebay and others vs. tax time [Re: theuser]
#5878427 - 07/19/06 04:58 PM (17 years, 6 months ago) |
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I got bent over and was calling the IRS Daddy this past April.
Always had the same accountant. As I have no understanding of how everything breaks down. I just print what he requests from quick books and he does the rest. Its all fucken Greek to me 
Anyway....yea I guess i would rather shell out a bunch of cash than risk a fucken audit.
-------------------- -------------------------------- " If the sky were to suddenly open up there would be no law. There would be no rule. There would only be you and your memories... the choices you've made, and the people you've touched. If this world were to end there would only be you and him and no-one else. " .............. "MAN! You know there aint no such thing as left over crack!"
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Prisoner#1
Even Dumber ThanAdvertized!


Registered: 01/22/03
Posts: 193,665
Loc: Pvt. Pubfag NutSuck
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Re: Selling on ebay and others vs. tax time [Re: rickpsfuckyou]
#5878429 - 07/19/06 04:59 PM (17 years, 6 months ago) |
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Quote:
rickpsfuckyou said: i am not a hippy. and yes i have but still fuck that shit the income tax is totally illegal and never ratified by the states to amend the constitution.
sorry, the hippy comment was a joke, obviously the tax system is legal without the ratification, the same shit is happening every day as it is, ever heard of an executive order, it's a law thats based on what a single man wants, theres no vote of any sort, the president writes it up, signs it and in some cases seals it from public view, the minute he signs, it's a law.
you can swear the system isnt legal all you want, ask leona helmsly where it got her, the IRS busted my account to the tune of $8000 2 years ago and I'd throw away $50,000 to get that back, the $8k was the abated penalties and intrest I wasnt supposed to be paying and they still felt I owed it.
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