Folks,
Thanks to all for the advice on dealing with Ebay transactions.
I have progressed to the point that I can (More than) buy a set of race tires every year for the Spitfire.
Question: At what point does the IRS start to get interested in Ebay type businesses?
Any experiences/comments are appreciated.
TIA,
Rog Smith
the IR-who?
I am sure that they will be quite interested in any deposits into your account. Run, dont walk, to a competent accountant today.
At one point my friend had a booming Xbox 360 racket going. He was moving $10-15k per MONTH through Paypal account and had at least 3 accounts that I even know of. Never did anything official, no problems in this case. I would not suggest it.
It was wild to go somewhere like the mall and he would pop his trunk and it was full to the brim of Xbox 360s, new ones, used ones, ones going to customers, ones coming in for repair, etc. This was right when the 360 was hot.
emodspitfire wrote: Thanks to all for the advice on dealing with Ebay transactions.
What specific advice are you thanking people for? I don't see any of your posts asking for advice. I'm interested because although I"ve bought stuff on ebay I haven't yet tried selling stuff and I hope to start doing so soon.
Thanks
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