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#1
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Where on my paypal account does it show how much in sales I have done so far this year?
Does your "income" get reported to the IRS if you exceed 200 transactions, but not $20K? Last edited by peterose4hof; 08-15-2011 at 01:58 PM. |
#2
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PayPal does a good job of hiding the info, as does Ebay. My main beef is that if they want us to be compliant, at least show is our YEAR TO DATE transactions, so we can shut things down if we want to!!!!!
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#3
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Maybe I'll just buy an old ledger and keep a running tally... ![]() |
#4
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offer the buyer/winner a slight discount if they pay via Paypal gift. It'll save u ebay & paypal fees. Or to buy it here on the B/S/T, that way their is public record of it to make the buyer feel more trusting.
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#5
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Bill, can I make a suggestion? Call an accountant and don't discuss this on a public board. Rumor has it that law enforcement tend to peruse these boards. And as for what Greg said, I agree. I've been audited numerous times, once for sales of baseball cards. It was a tremendous pain in the ass.
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http://www.flickr.com/photos/calvindog/sets |
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Jeff |
#7
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an earlier poster mentioned using a schedule C, which is for a business. but what if you're buying/selling as a hobby -- could it then be considered as investments, in which case it'd be subject to capital gains rather than business income?
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collecting T206, 1940 Play Ball, 1947-66 Exhibits, and 1952 Bowman. e-mails preferred over PM. |
#8
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I don't sell on eBay, but I wonder why anyone who does would ever respond at all to this thread. Talk about a potential shipwreck . . . At least with respect to this issue, I would think the rule on a chatboard allegedly monitored by the FBI would be STFU.
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#9
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Gee. You think?
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http://www.flickr.com/photos/calvindog/sets |
#10
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Investments and Hobbies are also treated differently. Here is a link to an IRS article, describing Business and HObby Income and losses. Far as "investment", think of buying a rare card as an investment, then selling it, Its more of a "random transaction", and would be more likey a capital transaction, than doing this regularly, w hich would qualify as a business if the intention is to make a profit, or a "hobby" if you are just fooling around, or show consistent losses. http://www.irs.gov/newsroom/article/...169490,00.html Last edited by GrayGhost; 08-15-2011 at 09:58 PM. Reason: add to desc |
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Now Jeff, be nice. I was trying to be . . . .
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Thread | Thread Starter | Forum | Replies | Last Post |
IRS Changes...notice from PayPal today | OldSchoolBaseball | Net54baseball Vintage (WWII & Older) Baseball Cards & New Member Introductions | 3 | 04-14-2011 04:48 AM |