Comments on: The Taxes That You Probably Aren’t Paying on Your eBay Items http://www.americanconsumernews.com/2007/08/the-taxes-that-you-probably-aren%e2%80%99t-paying-on-your-ebay-items.html News for Consumers in Changing Times Sun, 12 Feb 2012 04:49:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Kristine http://www.americanconsumernews.com/2007/08/the-taxes-that-you-probably-aren%e2%80%99t-paying-on-your-ebay-items.html/comment-page-1#comment-828 Kristine Sun, 19 Aug 2007 16:34:00 +0000 http://www.americanconsumernews.com/2007/08/the-taxes-that-you-probably-aren%e2%80%99t-paying-on-your-ebay-items.html#comment-828 Patrick - yes, you only pay taxes on the profit. If you sell items for a loss, you don't have to pay taxes on those items. <br/><br/>One more note, if you're selling on eBay to make a profit, you are in business for yourself and have to pay self employment tax in addition to income taxes. <br/><br/>For more info on ebay and taxes, see www.ebaytaxtips.com. Patrick – yes, you only pay taxes on the profit. If you sell items for a loss, you don’t have to pay taxes on those items.

One more note, if you’re selling on eBay to make a profit, you are in business for yourself and have to pay self employment tax in addition to income taxes.

For more info on ebay and taxes, see http://www.ebaytaxtips.com.

]]> By: Patrick http://www.americanconsumernews.com/2007/08/the-taxes-that-you-probably-aren%e2%80%99t-paying-on-your-ebay-items.html/comment-page-1#comment-826 Patrick Sat, 18 Aug 2007 21:41:00 +0000 http://www.americanconsumernews.com/2007/08/the-taxes-that-you-probably-aren%e2%80%99t-paying-on-your-ebay-items.html#comment-826 Do you only have to pay income tax for items that are sold for a profit? A lot of people use eBay to sell old items they no longer want; not everyone uses eBay as a business. It doesn't make sense for me to have to pay income tax on something I have bought, used it, and sold it for a loss (just to get rid of it). Selling for a loss is common for people who are just trying to get money and clear out unneeded items.<br/><br/>(sales tax may be a different story). Do you only have to pay income tax for items that are sold for a profit? A lot of people use eBay to sell old items they no longer want; not everyone uses eBay as a business. It doesn’t make sense for me to have to pay income tax on something I have bought, used it, and sold it for a loss (just to get rid of it). Selling for a loss is common for people who are just trying to get money and clear out unneeded items.

(sales tax may be a different story).

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