- Aug 25, 2008
I for one applaud this action .Craigslist, eBay Alert: The Tax Man Cometh
Craigslist, eBay Alert: The Tax Man Cometh - TheFiscalTimes.com
For those who make a living on ebay yes i agree with this. anything else is over doing it. i don't want to worry if i sold my xbox or a used tire on ebay that the irs is going to bother me later about those sales. and i shouldn't have to worry. but from what i read in that article it shouldn't be the case so lets make that clear.They will track it at least on ebay. Paypal is already said they are tracking 2010 transactions. And according to radio host Clark Howard he said if you sell on ebay you better keep records no matter how much you sell. And no I don't work for the IRS. But , people who make a living selling on ebay should pay taxes.
Who knows. What if you go to a lawn sale and buy an item for say $5.00 and find it's a real collectible and it sells on ebay for like $5000. It happened to someone I know. He purchased a photo album that had a whole bunch of beatles items in it . Did he report the income? He said he didn't . Should he have? Who knows? The IRS would say yes I bet.What if you sell it for less than what you bought it for?
That story smells very fishy.My wife works with someone who was audited and had to bring documents to the IRS to prove her case. The IRS agent needed time to look at them and told her to come back in 2 days. 2 days later he called her and said he needed the documents again. He lost them. She didn't have copies. So, she had to pay the difference because the IRS agent lost her documents. Scary huh?
It happened. It was over 10 years ago but it happened. The IRS does tell you to make copies. Did they back then? I don't know. Either way the Agent lost her documents and because of that he had to pay. She never fought it because she didn't have the proof . Looking back she said she should have used a lawyer to help her with the audit.That story smells very fishy.