How to claim taxes on collectible sales?

[The Ween]

What makes it worse is the tax increase you guys got (from what 5% to 6.25%. Be happy you haven't hit the 7% that we have here in Rhode Island.

Ohio is 7% too.

 

[Darth Cruel]

Ohio is 7% too.

Currently 8.75% here in Cali.

 

[Firebird]

From what I have heard from my tax lady is that anything you buy online; that doesn't charge you tax, you will have to pay a used tax of 6.25% at the end of the year according to the state of Illinois.

 

[user 1190]

If I remember correctly, ebay now reports your ebay sales to the IRS at a certain point. I believe it is 20,000 dollars or 200 sales in a year, but don't quote me on that.

I know a scalper at Frank-n-Sons Collectibles show here in SoCal that ended up neck deep in trouble with Uncle Sam for not paying taxes on the stuff he sold.

I just verified it. In 2012 (for the 2011 tax year) ebay/paypal will be reporting to the IRS at 20,000 dollars or 200 payments to you.

At frank and sons didn't you had to have a resellers license, and charge sales tax.

 

[user 1190]

Currently 8.75% here in Cali.

Its 9.75 is a lot of L.A.

 

[The Craw]

taxes....pfffft. i pay my taxes, but i always rub the paperwork against by bare ass a little before i mail it in to the IRS.

 

[devilof76]

I heard that tax collectors are immune to e coli. It's from all those years of eating ____.

What we really need is a rigorously enforced 20% VAT on all sales on top of state sales tax, state income tax, property taxes, and federal income tax. I think that would help.

 

[risingstar]

I brought many toys from sdcc last year, I also paid tax too, do I have to file tax this year if I sold them all on eBay? I have purchase more statues this year , only sold 2.

You sold two whole statues last year and didn't pay taxes?
You are going to jail for 20 years.

 

[Mookeylama]

If I remember correctly, ebay now reports your ebay sales to the IRS at a certain point. I believe it is 20,000 dollars or 200 sales in a year, but don't quote me on that.

I know a scalper at Frank-n-Sons Collectibles show here in SoCal that ended up neck deep in trouble with Uncle Sam for not paying taxes on the stuff he sold.

I just verified it. In 2012 (for the 2011 tax year) ebay/paypal will be reporting to the IRS at 20,000 dollars or 200 payments to you.

gawd i hope that's not true. the $20k doesn't sound bad but the 200 sales does. i was gonna aggressively start selling my comics. could easily does 200 sells in like i month, but not make much money for it. hardly worth doing the taxes for it lol

back to my original question tho, still not finding out much on how to fill out my taxes for internet sales. we even spoke w/ a pro and she didn't know lol. i just wanna know what form to use

 

[KitFisto]

There is NO way I'd claim sold toys as income on my taxes. The money spent to buy them was already taxed from my paycheck so I'm not claiming that money a second time to get taxed again.