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06-02-2013, 05:54 AM #1
Ebay and taxes on my bank account
Hi guys,
I have an issue. I have been selling on Ebay for few months now, and I would like to know if I have to pay any taxes for that ?
Although my Ebay is registered in USA, all my items are actually sold from abroad location, by brother of my on my account.
Is there any annual year fee that I must pay on income, although I was selling as an individual ,not a store. Most of the items sold were to abroad members.
Can anyone help me out ? I do not know what to do, if any taxes apply ?
So far I did not pay any tax, but a friend told me that all the money that goes through my bank account (Including one withdrawn from PayPal)
Thanks guys!
Happy collecting!Last edited by Pavle; 06-02-2013 at 05:57 AM.
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06-02-2013, 01:54 PM #2
If you sell a combination of:
1. Over 250 eBay sell transactions
&
2. $20,000.00 in Gross Sales or more
You then will have to claim the $20,000.00 or more as income.
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06-02-2013, 04:15 PM #3
Thank you very much. That is info I was looking for.
I think I earned around 7k, so it can still be considered a garage sale, since I actually sold parts of my personal collection.
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06-02-2013, 04:20 PM #4
You will not be hassled if under 20K
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06-02-2013, 04:23 PM #5
That˙s what I was thinking ,but still will check with a taxman since I read few articles on IRS site, and I guess basically everything that is considered income is tax liable.
But I guess I will not be earning over 20k for sure a year, but you never know.
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