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IRS May Tax Your eBay Sales – This is nothing new. If you sell something for more than it cost you, the gain is taxable. It has always been that way.
If you have a lot of money coming in and don’t show it on your tax return, IRS will assume everything you sold was free and assess taxes on the full amount received. As I’ve always said, over-documenting things on tax returns, such as eBay sales that had losses or break-even, is a good self defense measure. If you don’t formally declare that there is no taxable net profit, IRS can and often does assume that every penny received is pure taxable profit.
- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 3/27/2005 09:29:00 PM Send this post:
