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Huh, learned something new today.
"If you sometimes sell items through online auctions, the proceeds of your sales aren't taxable unless they exceed your cost in the items. Although any profit is taxable, you may be able to deduct your sales costs if you itemize."
Found this on the H&R Block free online tax services. So, do people who do a lot of eBay-ing have to report what they sold? Especially if they made a good profit off of it? Does eBay send you a report of what you've sold over the year? Or do you use their online records of what you sold.
Just interesting.
This of course came about as I'm trying to do my tax return. yay.
"If you sometimes sell items through online auctions, the proceeds of your sales aren't taxable unless they exceed your cost in the items. Although any profit is taxable, you may be able to deduct your sales costs if you itemize."
Found this on the H&R Block free online tax services. So, do people who do a lot of eBay-ing have to report what they sold? Especially if they made a good profit off of it? Does eBay send you a report of what you've sold over the year? Or do you use their online records of what you sold.
Just interesting.
This of course came about as I'm trying to do my tax return. yay.
