| Author |
Message |
    
Pammy
| | Posted on Saturday, February 27, 2010 - 10:56 am: | 
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And when you deduct your computer, desk, camera,etc...be prepared to start paying tangible tax year after year after year on those things. Once the government gets ahold of your short hairs, they don't let go. |
Pammy
| | Posted on Saturday, February 27, 2010 - 11:03 am: |
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But did you PAY $50 for the manuals? The govt doesn't care what worth is attached to an item. Cost of goods sold take into account all costs that you incur to acquire that item. MSRP doesn't enter the equation unless you sell the item for MSRP. |
Mmmi_grad
| | Posted on Saturday, February 27, 2010 - 12:25 pm: |
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And there is the fact that if you do these sales and dont make money, then it is a hobby and cant be taxed because there is no profit. The problem is they want to change that!
I dint sell much on ebay last year but as the tax law sits now, you are breaking the law if you do not report the profit made on ANY and all ebay transactions. Thats what they WANT us to tell them every year. The legislative movement is to get these sellers to also collect tax on internet sales. As you know there is no tax on internet sales unless the seller is in your state or has a presence there. The gov has been fighting with Amazon over this big time. Its really disgusting and this is news that just doesnt get reported enough. |
Court
| | Posted on Saturday, February 27, 2010 - 01:41 pm: |
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>>>>And there is the fact that if you do these sales and dont make money, then it is a hobby and cant be taxed because there is no profit.
You generally have 7 years to make the "business v. hobby" case . . . it depends on the unique details of the case. There are endless cases in Westlaw for reference.
What you can NOT do is threaten the I.R.S. agent who says your horse farm, that costs you $1.5M/yr, is a hobby . . with physical violence.
DAHIK |
Mountainstorm
| | Posted on Sunday, February 28, 2010 - 09:17 am: |
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Internet taxation is a congressional vexation.
They want more money to spend. The internet is like a piece of fruit ripened and ready to pick in their eyes.
Say no to internet taxation. |
Court
| | Posted on Sunday, February 28, 2010 - 10:33 am: |
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>>>Say no to internet taxation.
Before you do . . and while the economy is in the tank . . . let me write off these $45,000 in losses.
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