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File on taxes or no?
Posted 10 March 2012 - 06:05 AM
Posted 10 March 2012 - 07:37 AM
I was wondering if I sell some things on eBay or any sites like that and just profit a few hundred dollars, do I have to file that profit when i do my taxes every year? I was thinking I didn't have to but for some reason someone told me I an supposed to..? Thank you for your help in advance.
Posted 10 March 2012 - 05:01 PM
Posted 11 March 2012 - 10:49 AM
So you saying any profit what so ever? If I purchase something for cheap or almost nothing and I make any money, I have to report it? How do I get the W-2 for that?
Posted 21 March 2012 - 10:04 PM
Posted 22 March 2012 - 01:16 AM
Edited by Meltz, 22 March 2012 - 01:17 AM.
Posted 22 March 2012 - 05:18 AM
I called H&R block and they told me that I only need to report it if I'm doing it to make a profit on purpose such as buying products TO sell. If I'm doing it because I'm selling my unwanted stuff or stuff my friends/family gave me I don't have to report it according to them. Then again I think every state could be different?
You received bad advice. See page 35 of IRS Pub 525, under Sale of personal items.
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