Gratefuldenimhead
New in Town
- Messages
- 6
I requested my 2024 purchase history report. It look a week and they sent me the wrong on. Ebay sucks
-
The Fedora Lounge is supported in part by commission earning affiliate links sitewide. Please support us by using them. You may learn more here.
eBay taxable income asset disposition.
- Thread starter Justdog
- Start date
Justdog
Practically Family
- Messages
- 828
- Location
- North of 48
Weird hope it was a lot less.
Thing that gets me is you paid tax when you bought the stuff off income you already paid tax on then the buyer pays the tax on the stuff you are now selling and now you have to claim it as income when you bought it with after tax dollars.
Last edited:
Igneous629
One of the Regulars
- Messages
- 253
keep in mind it’s only gains of which you have to pay taxes on. If done using the cost basis and expenses, you are not paying taxes on anything but the gains. If you are selling at the same price you bought it or less, you will not pay taxes.
DonR
Practically Family
- Messages
- 725
I have an EIN i plan to use for the 1099 they sent me. I'll deduct the cost of the hats, packing materials, cleaning materials, paper and ink for printing invoices and lables, etc.
jeepTj98
One of the Regulars
- Messages
- 151
Yep, I deduct everything! I was buying and selling jackets and clothes for fun until this came along. Not a profitable enough business for me to keep doing it. I guess it could be if I stepped it up a lot but I don’t really want to. I love buying and selling jacket s though! My first year I made a profit lol
Igneous629
One of the Regulars
- Messages
- 253
Do you have more info on that bill passing? I don’t see where it passed. Also, the 150k income threshold is supposed to be considered only when there is a balanced budget. I find that to be a long shot with the $4.5 trillion in tax cuts and ballooning debt.
jeepTj98
One of the Regulars
- Messages
- 151
I could be wrong but I thought it had passed otherwise I thought the government was scheduled for a shut down. No, the $150k has nothing to do with a balanced budget. We are long way from that happening
jeepTj98
One of the Regulars
- Messages
- 151
I listen very closely to what lutnick said and I don’t recall him saying that exactly.. I will go back and find it… thanks!
Igneous629
One of the Regulars
- Messages
- 253
Report back if you have more details. I doubt they will do this….
Featured products
-
John Lofgren Monkey Boots Shinki Horsebuttt - $1,136 The classic monkey boot silhouette in an incredibly rich Shinki russet horse leather. -
Grant Stone Diesel Boot Dark Olive Chromexcel - $395 Goodyear welted, Horween Chromexcel, classic good looks. -
Schott 568 Vandals Jacket - $1,250 The classic Perfecto motorcycle jacket, in a very special limited-edition Schott double rider style.
Igneous629
One of the Regulars
- Messages
- 253
HUGE: Trump Plans to ELIMINATE Taxes for Americans Earning Under $150K! Commerce Secretary Howard Lutnick just dropped a bombshell—Trump’s goal is to eliminate federal income taxes for anyone making under $150,000 per year... - NewsBreak
The best local & breaking news source in the US, featuring local weather, alerts, deals, events and more.
www.newsbreak.com
Igneous629
One of the Regulars
- Messages
- 253
Exactly. The same guy was saying he was going to abolish the IRS recently.
Similar threads
