Re: Another Newbie Question - Be nice Lumpy :-)
- From: redleg <redleg510@xxxxxxxxxxx>
- Date: Wed, 19 Mar 2008 08:18:15 -0700 (PDT)
On Mar 14, 11:42�am, IncubusD <incub...@xxxxxxxxxxx> wrote:
Okay guys, here is yet another question that many of you will find to
be stupid and obvious, so please don't scorch me too badly:
My wife and I are doing eBay as a hobby... we are only selling stuff
we already own; basically the kind of stuff you would sell in a local
classified or yard sale. �We are making no new investments in order to
turn a profit, and we are not looking at our eBay time as either a
get-rich-quick plan or a work-from-home opportunity. �It is strictly a
fun hobby that earns us a bit of money and allows us to clear out some
older stuff we no long want or need. �(we are also trying to get out
of debt and using this as a way to have a bit of fun while paying off
some stuff a little faster).
This all being said, is what we are doing on eBay a "real" business?
Do we need to go get a business license? �Do we need to charge sales
tax to people in our state? �(you don't charge sales tax at a yard
sale). �Also, do we need to pay taxes on the stuff we are selling?
(once again, we are selling stuff we already own just like you would
at a yard sale).
I don't want to be on the business-end of an IRS audit, but since this
is all stuff we bought and already paid sales tax on (many years ago),
it seems unfair to have to pay tax on it all again... of course I
don't think anyone has the illusion that the IRS is all about
fairness. �:-)
I really appreciate all the answers people have been giving me on my
questions so far... Many of you are full of very good information and
great ideas.
Any income is taxable.
.
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