18 Dec 08 What if an item I sell on eBay sells for $900? I just bought it for $1000. Do I report any income on taxes?
Justin asked:
I wonder if I buy items and the auction closes for less than I paid: must I report each sale made as income if I’m losing money on sales? I really need a tax professional if you’re out there. I would hate to have a tax bill for $100s or (gulp) $1000s of dollars after a year in which my business lost money. The IRS makes me nervous about starting-up a business…thanks for any advice to all.
Money Saving Deals
I wonder if I buy items and the auction closes for less than I paid: must I report each sale made as income if I’m losing money on sales? I really need a tax professional if you’re out there. I would hate to have a tax bill for $100s or (gulp) $1000s of dollars after a year in which my business lost money. The IRS makes me nervous about starting-up a business…thanks for any advice to all.
Money Saving Deals
