Storage Auctions

Anyone here ever been audited because of auction income or excessive writeoffs?

Offline rulesforrebels

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Just curious if anyone has ever been audited after taxes because of storage auction income or excessive amount or value of write offs?

Offline alloro

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If you're foolish enough to report the income, then you deserve to get audited.

Offline Travis

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 :-X  Shhhh! They're watching us.      ;D


Offline rulesforrebels

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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.


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