Internet Sale Tax Passes

[toys2cool]

"ebay taxes"? I'm not sure what you mean. If you mean that you have to account for your ebay sales, that is nothing new. You should have been doing it all along. There was this sort of myth for years that money earned via ebay wasn't taxable until recently, which is total bunk......

This year is the first time ever that i've been taxed on ebay, they've never even asked me for my tax info until this year...and most sellers I know have done it for the first time this year as well

[toys2cool]

How will this effect small eBay sellers? Hopefully eBay will handle it and modify invoice thing were it's all automatic?

if you pass 200 transactions or $20K in sales in one year you're screwed

[megoat]

Again, why did you think you were immune to tax law prior to Paypal submitting info to the IRS? If you were making ANY income on eBay you were ALWAYS required to account for it on your taxes. If you weren't you were just simply not reporting income.....

Also, I must say, if you are doing LESS than 20K in sales, legally you still need to account for it. According to the IRS, income is income. Doesn't matter how you're earning it.....

[Random Axe]

The latest statistic I read is 46 percent of all Americans don't pay any income tax either from welfare or just low income families. Nothing. How much damage to the national debt do you think we could do if we made those 46 percent cough up just fifty bucks a year? The IRS has waaaaaay more to worry about than internet income through ebay. An example is if I purchased something in 2010 for 150 dollars, and the value actually went down and I sold it for only a 100, how do you pay income taxes on a negative number upon taking a loss? The IRS can no more regulate that than they can the average yard sale. I can see both sides of an internet sales tax, but it WILL hurt small business who will now have to hire tax accountants to keep the books.

[TEXASFETT]

Yeah it sucks but this was bound to happen.....

[toys2cool]

Again, why did you think you were immune to tax law prior to Paypal submitting info to the IRS? If you were making ANY income on eBay you were ALWAYS required to account for it on your taxes. If you weren't you were just simply not reporting income.....

Also, I must say, if you are doing LESS than 20K in sales, legally you still need to account for it. According to the IRS, income is income. Doesn't matter how you're earning it.....

when we always did our taxes with H&R block , i always told them I sold part time online and not once did they ever tell me to report it till this year