Do I Pay Income Tax on eBay Sales?
Hi Terry,
I wanted to tell you that you give great information. I have a question . . How much money can you make on eBay before you have to claim it on your taxes?
Thank you for your time,
Jennifer C.
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Check your eBay knowledge now. |
Jennifer,
You have to pay tax on your income. If you are selling used items from around your home on eBay, you probably aren’t making any money so you won’t owe tax.
If you are buying items in order to resell them, you’ll owe tax on the profits. In order to figure profits you’ll subtract all your costs. Here’s a list of common eBay selling expenses for tax purposes.
If you are making more than a few thousand dollars a year in profit from your eBay sales, you should talk to an accountant.
Terry
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