Wednesday, July 14, 2010

If I sold stuff online like at eBay how much money would I need to earn before it becomes taxed income?

it would be thrown in the pot with rest and once it hits 6K bingo -- you are now in the federal tax world!!!

If I sold stuff online like at eBay how much money would I need to earn before it becomes taxed income?
The last I heard, the IRS would expect you'd be paying taxes on any sales over $400, i.e. if you had gross income over $400 (Note that I didn't say "net over $400" or "profit over $400").. And you file a form "C" for your expenses. And yes I live in the USA.
Reply:Your total income from all sources has to be $6000. You would have to check with somebody else for your state's tax laws.
Reply:Maybe over $5000.


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