Quote:
Originally posted by Bamrak
Good thread!
I have probably an easy one, I just don't know where to start.
I've been pondering the idea of starting to sell stuff on ebay for profit. I was intending to buy items and sell them at a mark up. How much would my net profit be before I had to file, and if I did have to file it, how would I file it? Do I have to prove both what I paid and what I made, or just the total net gain?
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If you already have a job and want to do this for profit, you should run it through your schedule C (self-employment income). You'd report your profits, less cost of items for a gross profit, and then deduct any commissions, fees, shipping, etc. from there for a net profit which would be taxed.