Anyone ever sell cards on this forum?

[cjb]

I've never sold a card in my life (just trade), but I might be interested in starting.

My question is would I have to pay taxes on any sales I make on here? This is obviously not my main business, would I still have to pay taxes?

I know PayPal has a 'send money to family and friends' option that I'm sure is not taxable. Is that what sellers on here use?

Could use some help/advice from people on here sell cards using PayPal, thanks.

[Cunnuc]

You do not have to charge taxes.

In Canada it seems most people prefer an e-transfer right to their bank and buyers from USA or elsewhere to pay through PayPal with Family & Friends option to evade paying the fe

That's about it.

[cjb]

Yeah I know you don't have to change taxes on here. What I really want to know is that do people who sell on here have to declare the money they make on here as taxable income

[ac4760]

I can't answer for Canada, but I haven't ever had to declare it as income. However, things here are changing and the taxman is going after payments made through PayPal and other services. Already I have been informed by ebay that I will be receiving a 10-99 form for my sales there as I sold over $600 this year. Used to be a $20,000.00 limit before that happened. Before this turns into a nasty rant, I'll leave it at that . However, this is just the states so Canada may be different but anytime one government finds a way to get more money, others take note.

[30ranfordfan]

Yeah I know you don't have to change taxes on here. What I really want to know is that do people who sell on here have to declare the money they make on here as taxable income

You're not a business, so you don't have to charge taxes.... someone who understands the correct terminology better can explain better than I - but selling cards on here (at least in Canada) is akin to having a yardsale. You're accepting money for things you already paid for (and paid taxes on). I believe there is a limit... I don't recall what it is..... thousands.... but no, you don't have to pay income tax.

I would also expect that it won't continue like this forever. As was already mentioned, the USA has changed the tax laws on this, and I think only a matter of time in Canada too. The government is constantly looking for new revenues, and I would bet it is a very slim minority of people who sell things online and accept electronic payments greater than $1,000 (total) a year. It's a tax that will make them money, and most people won't be affected by it, so it won't bring them a lot of heat.

[subban7677]

I think you technically have to declare every penny, but you only pay taxes on profit. You can probably deduct supplies etc. Now, how many people actually do this? Probably a tiny number. Unless you'll be raking in huge money, I wouldn't worry.

[odjickfan]

I think you technically have to declare every penny, but you only pay taxes on profit. You can probably deduct supplies etc. Now, how many people actually do this? Probably a tiny number. Unless you'll be raking in huge money, I wouldn't worry.

Collecting cards is a hobby in which many are losing money. For the very small seller, it might be a good idea to keep a copy of every bill of purchase, boxes, singles, stamps, supplies,. ... Add internet access, office space in the house, gasoline to go to the post office, a good fiscalist will have something to work if at some point the tax man comes.

[doniceage]

Steve,
Just a note you do not have to pay taxes on your income if your a small time seller. Like you I very rarely sell cards but I have. My question to you is this how much do you plan on selling if you were to guess 100's of dollars or thousands etc. In the U.S. anyone who sell on ebay and sells more than $600 dollars is automatically reported to the IRS. Not sure what the rules are in Canada but I am sure you can look it up. If your going to sell at a low threshold in the hundreds I would definitely would not worry about it.

One thing I will mention is more folks are starting to get hit with their PayPal not letting them accept Friends and Family. I assume this is mainly from the ebay threshold of dollars being made. As, if they make over the $600 dollar amount they automatically have their account their PayPal account become a business thus not allowing them to accept funds as friends and family. I been doing PayPal for probably 20 plus years and can still send and receive friend and family payment in the Thousands of dollars a year. I guess not being on any major selling platform allows me to avoid that but again it something you need to check out and ask questions. I hope that helps at least a little.

Best of luck on selling.
@cjb

DON

[cjb]

I'm thinking more 20's to 30's lol