ebay question

From: Zane H. Healy <healyzh_at_aracnet.com>
Date: Thu Nov 6 00:02:19 2003

> The problem is that with the IRS you have to PROVE that you didn't make a
>profit. If they get something from PayPal (or anywhere else) that shows
>that you sold something for money (note that I didn't say profit!), then
>you need to have records showing that it's cost and your expenses are equal
>or greater than the income from the sales or else you owe taxes on it. In
>addition to the possible taxes you may (will!) also be charged interest AND
>penalties AND you could even be charged with income tax evasion!

I rather figured this was the case, and was part of why I recommended getting professional advice. Any idea if storage costs go towards showing that you didn't make a profit? Unfortunately in my case, I don't have receipts that show how much I paid for all this junk, and I sure can't remember in most cases.

And yes, I will end up getting professional advice in the long run on this.

                        Zane

-- 
--
| Zane H. Healy                    | UNIX Systems Administrator |
| healyzh_at_aracnet.com (primary)    | OpenVMS Enthusiast         |
|                                  | Classic Computer Collector |
+----------------------------------+----------------------------+
|     Empire of the Petal Throne and Traveller Role Playing,    |
|          PDP-10 Emulation and Zane's Computer Museum.         |
|                http://www.aracnet.com/~healyzh/               |
Received on Thu Nov 06 2003 - 00:02:19 GMT

This archive was generated by hypermail 2.3.0 : Fri Oct 10 2014 - 23:36:18 BST