e-bay and taxes

[EZ_E]

How does the IRS treat high-volumed sales on e-bay?

[HaydenTubbs]

How does the IRS treat high-volumed sales on e-bay?

 

I'll let you know when I get up there in 5-10 years

[jom]

How does the IRS treat high-volumed sales on e-bay?

 

I would imagine the same way as any other business...

 

jom

[truthteller]

How does the IRS treat high-volumed sales on e-bay?

 

 

A schedule C tax return will do the trick.

 

 

 

TRUTH

[michael]

[macrocoin]

How does the IRS treat high-volumed sales on e-bay?

 

 

How do they treat low volume sellers?

Specifcally, what is considered income?

 

If I sell a coin I bought a few years ago at a profit now, then obviously that profit is considered income and subject to federal income tax.

 

But, what if I sell a family heirloom...something handed down to me that was bought and paid for a long time ago.....their is no apparent profit...is that still income?

[cybersharque-migration]

The legal answer is that you take over the "basis" of the donor. If you received the coin from an estate, that would be whatever was declared as the value of the coin when the estate taxes were calculated. If it was a gift from someone still alive when the gift was made, then you would take over whatever that person paid for the coin. If you cannot establish either of these bases, then IRS will treat the entire proceeds of the coin sale as income.

[ldhair]

If it passes by way of a will, your bases is market value at the time. Keep records or the IRS will tax it all.