eBay taxable income asset disposition.

[Gratefuldenimhead]

I requested my 2024 purchase history report. It look a week and they sent me the wrong on. Ebay sucks

 

[Justdog]

I requested my 2024 purchase history report. It look a week and they sent me the wrong on. Ebay sucks

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.

 

[Igneous629]

Weird hope it was a lot less.
Thing that gets me is you paid tax when you bought the stuff of 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.

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]

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]

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.

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]

Tax code is changing and may continue to change. Bill just passed no tax on tips, no tax on overtime and the long term goal is no tax on income below 150k

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]

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.

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