At 04:53 AM -0700 10/06/2005, James Fraser wrote:
is the IRS interested in the *occasional* buyer and seller, or does the above really only apply if you make X dollars a year by selling stuff?
If it's only a few items, and less than a few hundred bucks total, I doubt you have to worry about it.
Selling old stuff you have laying around (not antiques) is cost recovery. The IRS has no interest in that; you don't even have to declare it.
Selling anything else, if it brings in more than your original cost, is income and must be declared as such. At that point it probably pays to handle it like a small home business - deduct the expenses etc.
And remember: taxes are due as income is earned, not as income is received. So if you make too much on eBay, you might need to file quarterly estimateds!
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