Storage Auctions

The Storage Locker => General Storage Auction Talk => Topic started by: rulesforrebels on September 20, 2013, 12:09:12 PM

Title: Anyone here ever been audited because of auction income or excessive writeoffs?
Post by: rulesforrebels on September 20, 2013, 12:09:12 PM
Just curious if anyone has ever been audited after taxes because of storage auction income or excessive amount or value of write offs?
Title: Re: Anyone here ever been audited because of auction income or excessive writeoffs?
Post by: alloro on September 20, 2013, 04:02:39 PM
If you're foolish enough to report the income, then you deserve to get audited.
Title: Re: Anyone here ever been audited because of auction income or excessive writeoffs?
Post by: Travis on September 20, 2013, 05:17:06 PM
 :-X  Shhhh! They're watching us.      ;D

Title: Re: Anyone here ever been audited because of auction income or excessive writeoffs?
Post by: rulesforrebels on September 24, 2013, 03:58:13 PM
As far as reporting income, if you just want a little hustle on the side by all means deal with cash and do things how you want to do them but anyone who wants to run a serious business, owna  brick and mortar shop, accept credit cards, or even accept paypal in amounts exceeding 20k and 200 items per year your going to have that income reported whether you like it or not.

Also, if your reporting income you can justify large writeoffs. if your not reporting income you cant be writing off thousands of dollars worth of merchandise because when they come asking you cant say I buy storage auctions cuz they'll say then why didnt you report that income.