Storage Auctions
The Storage Locker => General Storage Auction Talk => Topic started by: KatPsen on February 01, 2011, 09:33:25 PM
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I was thinking about this today as I was going over the boxes...
1 - Do any of you report income you are making doing this as a business? If you sell on E-Bay is there any kind of report that is submitted to "big brother"?
2 - By having a resale certificate, I understand you don't have to pay taxes, but then do you charge ppl tax? I understand selling it to a resale shop you wouldn't, and if you consign, the consignment shop pays the tax, but since taxes have already been paid on the stuff the first time around, I think it is double dipping fo Uncle Sam.
I am really wanting to do this full time, so need to understand the "rules of the game"
KP
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I was thinking about this today as I was going over the boxes...
1 - Do any of you report income you are making doing this as a business? If you sell on E-Bay is there any kind of report that is submitted to "big brother"?
2 - By having a resale certificate, I understand you don't have to pay taxes, but then do you charge ppl tax? I understand selling it to a resale shop you wouldn't, and if you consign, the consignment shop pays the tax, but since taxes have already been paid on the stuff the first time around, I think it is double dipping fo Uncle Sam.
I am really wanting to do this full time, so need to understand the "rules of the game"
KP
Techinically and legally you have to report any income. Paypal/Ebay only report your income if you do over 20k in sales and over 200 sales. That's not one or the other has to be both 20k and 200 sales.
I agree it's not right for "the man" to double dip but they do it to you in every other aspect of your life. You pay income tax to state and federal, then you pay more taxes for every product you buy, you pay all types of fees and permits for your house, car, license, etc. When you sell your stuff if you make a profit you get taxed again. If you want to give someoen a gift there's a tax on taht money that has arleady been taxed a dozen times and then when you die "the man" takes 50% of what should be passed onto your kids.
Still think they won't double dip on you with this? lol