Quote:
Originally Posted by moonflower
My tax person says that IRS does not expect you to claim it..but my secondary question was what if you make $10,000..I would think the IRS would want a piece of that pie.
He said don't worry about it. So until it happens i wont worry. I was taxed when I bought the item.
As far as worth the time..find another place to do it..parents friends etc..
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The tax man scares me--a lot! I just wonder if that can be right. If we are purchasing with the intent to sell for a profit it would seem that it has to be reported as income. I know as far as eBay goes, you have to report the income (retired power seller
).
I might have to look into this. I've got plenty to sell that's for sure....it's filling up pretty quick in the basement and one little sale to test the water couldn't hurt
One man gives freely, yet gains even more; another withholds unduly, but comes to poverty.
A generous man will prosper; he who refreshes others will himself be refreshed. -Proverbs 11:24-25
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