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    Yes. According to the IRS. They consider any money you get taxable income. Sites like, Paypal, and Amazon payments are required by law to report all earnings over $400-600. It does not matter if you report it or not. Those sites will.


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    I think if it's just a few then it's not necessary to declare it. But if it's going to be like a huge auction, then it must be declared as far as I know. Upon purchasing or owning the material that you wish to send, I believe you have already paid for that tax of that particular item so it's actually a bit confusing to me as well as to why some would still need to pay for the tax on it when they decide to sell it.


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    In most circumstances you do not have to declare money you have made from selling personal items. So, if you are just selling a few things in a car boot sale, at online auctions or through newspaper advertisements then you should be OK. However, if you make over a certain amount of money from the sale of your items then I think you do have to declare it. If you check out the sellers area on eBay there used to be an article outlining regulations about this to help out people who sell regularly, The information was not specific to eBay, it was just general guidance. I think there are also separate rules about making money selling cars. This is either the number of cars sold in a year or the amount of profit made from them I can't remember but it is worth checking out this information. Government websites should also be able to offer guidance on this matter.


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    It all depends on your location. Contact your local tax office to get your facts straight before you make any mistakes.


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    These IRS guys are always everywhere trying to snatch some money from you. I am sure not every person will file a tax file especially was just exchanging cash and no receipt was written such cash can not be traced. I think that is what people do these days.


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    If you realize a capital gain on personal property, you are supposed to report said gain. An article you should check out is: Ten Important Facts About Capital Gains and Losses. I hope the information proves helpful. Good luck.


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    "The business of America is business."—Calvin Coolidge
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    This was also super confusing for me at first but one of my friends also told that there is a certain amount that you have to declare for taxes like especially if it's going to be a huge auction. But I'm still bothered somehow because when buying stuff, we have for those taxes right? I still really don't see the point.


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    I think it's not considered a business when you are just selling personal items, and therefore you shouldn't be taxed for it. Furthermore, getting paid $600 for your items isn't the complete picture as you most likely have spent a lot more on it as an expense to get it and therefore you most likely are even selling it at a loss since you are selling it as a second hand item. I think you'd only be taxed once you actually make the act of selling second hand items as your business and start gaining a significant amount of income from it.


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    I wouldn't have thought that small amounts of money made online need to be taxed. Surely selling on ebay doesn't count as taxable. I would do some research and see what the minimum is before you have to pay tax. I guess it's different for different countries and different states. Just do whatever is necessary to keep within the law while still making a healthy profit.


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    Quote Originally Posted by Taru View Post
    I think it's not considered a business when you are just selling personal items, and therefore you shouldn't be taxed for it.
    See the link I posted above. If you realize a capital gain, it is reported as such. If it is considered business or not is irrelevant.


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