http://internetbiztaxtips.com/2007/02/are-you-required-to-report-your-ebay-profits-on-your-tax-return/ Tax Tips for eBay Sellers, Online Business and Other Small Business Owners Wed, 03 Mar 2010 01:32:02 +0000 http://wordpress.org/?v=2.9.2 hourly 1 http://internetbiztaxtips.com/2007/02/are-you-required-to-report-your-ebay-profits-on-your-tax-return/comment-page-1/#comment-12002 Sell stuff on eBay? You may owe taxes | Teens and Taxes Wed, 03 Mar 2010 01:32:02 +0000 http://internetbiztaxtips.com/2007/02/are-you-required-to-report-your-ebay-profits-on-your-tax-return/#comment-12002 [...] Fellow CPA,  Kristine McKinley, has a great post titled Are you required to report your eBay profits on your tax return? [...] [...] Fellow CPA,  Kristine McKinley, has a great post titled Are you required to report your eBay profits on your tax return? [...]

]]> http://internetbiztaxtips.com/2007/02/are-you-required-to-report-your-ebay-profits-on-your-tax-return/comment-page-1/#comment-3 Kristine Fri, 23 Feb 2007 15:34:15 +0000 http://internetbiztaxtips.com/2007/02/are-you-required-to-report-your-ebay-profits-on-your-tax-return/#comment-3 Thanks for the question! If you have an actual business - see my post 'Is your eBay activity a hobby or a business' - then your losses could be deductible. If you're just selling on eBay as a hobby, then it will not be deductible. The IRS wants you to report hobby income, but they don't allow you to take a loss from a hobby on your tax return. Hope that helps! Thanks for the question! If you have an actual business – see my post ‘Is your eBay activity a hobby or a business’ – then your losses could be deductible. If you’re just selling on eBay as a hobby, then it will not be deductible. The IRS wants you to report hobby income, but they don’t allow you to take a loss from a hobby on your tax return. Hope that helps!

]]> http://internetbiztaxtips.com/2007/02/are-you-required-to-report-your-ebay-profits-on-your-tax-return/comment-page-1/#comment-2 KevinL Fri, 23 Feb 2007 08:24:19 +0000 http://internetbiztaxtips.com/2007/02/are-you-required-to-report-your-ebay-profits-on-your-tax-return/#comment-2 What if I am just selling my old junk on ebay? For example I have some CD's that I bought for about $14 each but I sell them on ebay for $2 or $3. I haven't actually made a profit, so this is not business income. Would it be a business loss in this case? What if I am just selling my old junk on ebay? For example I have some CD’s that I bought for about $14 each but I sell them on ebay for $2 or $3. I haven’t actually made a profit, so this is not business income. Would it be a business loss in this case?

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