Selling personal items on ebay and taxes?

[IceDigger]

If I am selling personal items on ebay and not making a profit do I still have to pay taxes or report it?

 

[shawnoen]

Paypal only reports to the IRS via a 1099-K if sales to a single Paypal account are over $20,000 for the year (2013).

You could claim a loss if you aren't making anything but unless you are audited, it doesn't matter.

 

[staticlag]

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Tax-Tips-for-Online-Auction-Sellers

In a garage sale, you generally sell household items you purchased over the years and used personally. If you paid more for the items than you sell them for, the sales are not reportable. Losses on personal use property are not deductible, either. However, see Sales of Appreciated Assets at an Online Auction below for gain reporting.

Examples of appreciated assets often include art, antiques and collectibles. If you have online auction sales of property where the sales price is more than your cost or other basis, you usually will have a reportable gain. These gains may be business income or capital gains.

I think there is a lower limit for reportable gain also, like you need to make more than about $2000 for you to actually report it. You need to check the tax workbooks though to be sure.

 

[thekamikazepr]

Heres what i know unless you make less than 2k ther is no need .

If you for example still live with parents or are in college (have no official work) theres no need BUT. you can. If you file with this then you are considered to be emancipated or w/e and have very good fafsa scores for your grant .

Voice of experience lol I started working in sears like in november made maybe $500 filled my taxes in February and got full grant for the august term

 

[Adidas4275]

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Tax-Tips-for-Online-Auction-Sellers





I think there is a lower limit for reportable gain also, like you need to make more than about $2000 for you to actually report it. You need to check the tax workbooks though to be sure.

great info!

yeah people think they "make money" selling their used stuff on ebay, but really we just lose less

 

[MuZI]

Paypal only reports to the IRS via a 1099-K if sales to a single Paypal account are over $20,000 for the year (2013).

You could claim a loss if you aren't making anything but unless you are audited, it doesn't matter.

I believe it's $20k a year AND 200 transactions.