How do I classify Ebay-type income on taxes?
Posted by Reviews on April 2, 2009 · 5 Comments
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I sell items on sites like Ebay & I need to know how to classify my income on the tax forms. When I try to enter it as income, they want my W-2 info. Can anyone help?
This type of business would be reported on a Schedule C and then you would also do a schedule SE if you earned a profit from this business. Is it a business you run regularily or are you just selling a few items a month on Ebay? If that is the case, then don't bother reporting it, unless you consider it a business.
Considering it a business would be more beneficial to you because then you can write off a portion of your home and expenses. You can write off computer equipment and office supplies, internet service, etc. But you have to be licensed by your city to write off these expenses. A one year license runs you about $150 a year, but that amount may also be written off as an expense. Hope this helped.
self employment income
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Oh you sweet honest person. I think your the only one on ebay that reports it Nobody I know ever reports it as its all cash.
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Is this truly a business or are you selling a few personal items? If it is just a couple of personal items, the garage sales rules apply and you report the sales on schedule D only if you have a profit. If it is a business, then you must fill out schedule C and schedule SE.
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On the 2006 form 1040, you would have entered it on line21 (other income)
References :
This type of business would be reported on a Schedule C and then you would also do a schedule SE if you earned a profit from this business. Is it a business you run regularily or are you just selling a few items a month on Ebay? If that is the case, then don't bother reporting it, unless you consider it a business.
Considering it a business would be more beneficial to you because then you can write off a portion of your home and expenses. You can write off computer equipment and office supplies, internet service, etc. But you have to be licensed by your city to write off these expenses. A one year license runs you about $150 a year, but that amount may also be written off as an expense. Hope this helped.
References :
Business Owner and EA Licensed