Question:
– Hide quoted text — Show quoted text – it out now. http://apnews.myway.com/article/20050328/D893N13O0.html It often is best to ask a tax professional So in other words, it took 116 lines for the reporter to say the same thing that is said here all the time in one. Bill By the way, the professional you seek is also tax deductible, as are the miles to get there and back
— Donna Thank you for all replies. Ya know…if EBay doesn’t report sales and fees, then how does the IRS know the accuracy of a person’s return?
The IRS folks can read seller feedback in order to target tax cheats. Never steal, and if you are a crook, never steal in writing. ron
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- Hide quoted text — Show quoted text – it out now. http://apnews.myway.com/article/20050328/D893N13O0.html It often is best to ask a tax professional So in other words, it took 116 lines for the reporter to say the same thing that is said here all the time in one. Bill By the way, the professional you seek is also tax deductible, as are the miles to get there and back
— Donna
Thank you for all replies. Ya know…if EBay doesn’t report sales and fees, then how does the IRS know the accuracy of a person’s return?
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– Hide quoted text — Show quoted text – @l41g2000cwc.googlegroups.com: My rent is deductible right? I’m using TurboTax, and it took 30% of my total rent paid as a business expense. COOL! I use my livingroom as an office, warehouse, and Shipping Center. Good luck on all of that. For years, one-eighth of my house has been deducted as a home office – power, mortgage, etc. I am not interested in being audited, so I keep it clean (the deductions) and have a paper trail for every number on the form. I may not be fraid of no ghost, but I sure am cautious about the IRS. — Donna I found a new deduction, $5000 in auto repairs. No, you only get to claim mileage. The intention of the mileage reimbursement is to compensate you for gas, insurance, maintenance and repairs. A NO, Independent Contract Drivers deduct gas, repair, and registration costs, but NOT mileage. I drive in the San Francisco Metro Area, so my miles are lower than inter-metro drivers who may cross state lines. According to TurboTax, I don’t take mileage…I must list detailed expenses.
You’re probably right. I know squat about self-employed contract driver bookkeeping. But if that’s the case, why would the $5 k in repairs be a newly found eBay related deduction? I’m under the impression that the bulk of your truck’s usage stems from your ICD activities, and therefore most of the 5k repair bill would be allocated to that side of your income. A
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- Hide quoted text — Show quoted text – @l41g2000cwc.googlegroups.com: My rent is deductible right? I’m using TurboTax, and it took 30% of my total rent paid as a business expense. COOL! I use my livingroom as an office, warehouse, and Shipping Center. Good luck on all of that. For years, one-eighth of my house has been deducted as a home office – power, mortgage, etc. I am not interested in being audited, so I keep it clean (the deductions) and have a paper trail for every number on the form. I may not be fraid of no ghost, but I sure am cautious about the IRS. — Donna I found a new deduction, $5000 in auto repairs. No, you only get to claim mileage. The intention of the mileage reimbursement is to compensate you for gas, insurance, maintenance and repairs. A NO, Independent Contract Drivers deduct gas, repair, and registration costs, but NOT mileage. I drive in the San Francisco Metro Area, so my miles are lower than inter-metro drivers who may cross state lines. According to TurboTax, I don’t take mileage…I must list detailed expenses. You’re probably right. I know squat about self-employed contract driver bookkeeping. But if that’s the case, why would the $5 k in repairs be a newly found eBay related deduction? I’m under the impression that the bulk of your truck’s usage stems from your ICD activities, and therefore most of the 5k repair bill would be allocated to that side of your income. A
I’m looking at the final numbers.
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- Hide quoted text — Show quoted text – My rent is deductible right? I’m using TurboTax, and it took 30% of my total rent paid as a business expense. COOL! I use my livingroom as an office, warehouse, and Shipping Center. Um, watch out for exclusivity. If your living room is fully and totally used 100 percent for your business, it is deductable. When the audit folks arrive, they will ask themselves "does this look like an office, warehouse, and shipping center? About 40% of our space fully and totally qualifies. — Many thanks, Don Lancaster
Well, I also plan my Chinatown extortion operations in the livingroom too. So I can tell the IRS I commit most of my felonies here also.
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– Hide quoted text — Show quoted text – @l41g2000cwc.googlegroups.com: My rent is deductible right? I’m using TurboTax, and it took 30% of my total rent paid as a business expense. COOL! I use my livingroom as an office, warehouse, and Shipping Center. Good luck on all of that. For years, one-eighth of my house has been deducted as a home office – power, mortgage, etc. I am not interested in being audited, so I keep it clean (the deductions) and have a paper trail for every number on the form. I may not be fraid of no ghost, but I sure am cautious about the IRS. — Donna
I found a new deduction, $5000 in auto repairs.
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- Hide quoted text — Show quoted text – I found a new deduction, $5000 in auto repairs. No, you only get to claim mileage. The intention of the mileage reimbursement is to compensate you for gas, insurance, maintenance and repairs. A
Actually, you may be able to deduct the repairs, but not both mileage and repairs. Mileage is the easiest for most, but another method is to deduct actual costs – depreciation, repairs, gas, etc – with MUCH record keeping.
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- Hide quoted text — Show quoted text – @l41g2000cwc.googlegroups.com: My rent is deductible right? I’m using TurboTax, and it took 30% of my total rent paid as a business expense. COOL! I use my livingroom as an office, warehouse, and Shipping Center. Good luck on all of that. For years, one-eighth of my house has been deducted as a home office – power, mortgage, etc. I am not interested in being audited, so I keep it clean (the deductions) and have a paper trail for every number on the form. I may not be fraid of no ghost, but I sure am cautious about the IRS. — Donna I found a new deduction, $5000 in auto repairs. No, you only get to claim mileage. The intention of the mileage reimbursement is to compensate you for gas, insurance, maintenance and repairs. A
NO, Independent Contract Drivers deduct gas, repair, and registration costs, but NOT mileage. I drive in the San Francisco Metro Area, so my miles are lower than inter-metro drivers who may cross state lines. According to TurboTax, I don’t take mileage…I must list detailed expenses.
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– Hide quoted text — Show quoted text – @l41g2000cwc.googlegroups.com: My rent is deductible right? I’m using TurboTax, and it took 30% of my total rent paid as a business expense. COOL! I use my livingroom as an office, warehouse, and Shipping Center. Good luck on all of that. For years, one-eighth of my house has been deducted as a home office – power, mortgage, etc. I am not interested in being audited, so I keep it clean (the deductions) and have a paper trail for every number on the form. I may not be fraid of no ghost, but I sure am cautious about the IRS. — Donna I found a new deduction, $5000 in auto repairs. No, you only get to claim mileage. The intention of the mileage reimbursement is to compensate you for gas, insurance, maintenance and repairs.
Nope, you can, with certain restrictions, choose between actual costs and mileage as a marker, so to speak, for actual costs. Most people do mileage because it requires less paperwork, but you can track both and decide which to use. — Matt Silberstein All in all, if I could be any animal, I would want to be a duck or a goose. They can fly, walk, and swim. Plus, there there is a certain satisfaction knowing that at the end of your life you will taste good with an orange sauce or, in the case of a goose, a chestnut stuffing.
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– Hide quoted text — Show quoted text – @l41g2000cwc.googlegroups.com: My rent is deductible right? I’m using TurboTax, and it took 30% of my total rent paid as a business expense. COOL! I use my livingroom as an office, warehouse, and Shipping Center. Good luck on all of that. For years, one-eighth of my house has been deducted as a home office – power, mortgage, etc. I am not interested in being audited, so I keep it clean (the deductions) and have a paper trail for every number on the form. I may not be fraid of no ghost, but I sure am cautious about the IRS. — Donna I found a new deduction, $5000 in auto repairs.
No, you only get to claim mileage. The intention of the mileage reimbursement is to compensate you for gas, insurance, maintenance and repairs. A
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out now. http://apnews.myway.com/article/20050328/D893N13O0.html It often is best to ask a tax professional So in other words, it took 116 lines for the reporter to say the same thing that is said here all the time in one. Bill
By the way, the professional you seek is also tax deductible, as are the miles to get there and back
— Donna
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- Hide quoted text — Show quoted text – My rent is deductible right? I’m using TurboTax, and it took 30% of my total rent paid as a business expense. COOL! I use my livingroom as an office, warehouse, and Shipping Center. Um, watch out for exclusivity. If your living room is fully and totally used 100 percent for your business, it is deductable. When the audit folks arrive, they will ask themselves "does this look like an office, warehouse, and shipping center? About 40% of our space fully and totally qualifies. —
Actually its a room in my APT. If I pretend I don’t have to pay Ebay taxes, I will get a $990 refund.
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@l41g2000cwc.googlegroups.com: My rent is deductible right? I’m using TurboTax, and it took 30% of my total rent paid as a business expense. COOL! I use my livingroom as an office, warehouse, and Shipping Center.
Good luck on all of that. For years, one-eighth of my house has been deducted as a home office – power, mortgage, etc. I am not interested in being audited, so I keep it clean (the deductions) and have a paper trail for every number on the form. I may not be fraid of no ghost, but I sure am cautious about the IRS. — Donna
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My rent is deductible right? I’m using TurboTax, and it took 30% of my total rent paid as a business expense. COOL! I use my livingroom as an office, warehouse, and Shipping Center.
Um, watch out for exclusivity. If your living room is fully and totally used 100 percent for your business, it is deductable. When the audit folks arrive, they will ask themselves "does this look like an office, warehouse, and shipping center? About 40% of our space fully and totally qualifies. — Many thanks, Don Lancaster Synergetics 3860 West First Street Box 809 Thatcher, AZ 85552 Please visit my GURU’s LAIR web site at http://www.tinaja.com
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- Hide quoted text — Show quoted text – http://apnews.myway.com/article/20050328/D893N13O0.html Mar 27, 9:48 PM (ET) By MARY DALRYMPLE WASHINGTON (AP) – Hawking baby and children’s clothes – along with some garage sale and thrift store bargains – on eBay helps Sunni Wojnarowsky bring in some extra money so she can afford to stay home with her two young boys. The additional dollars are great, but does she really need to hassle with the paperwork and report her small profit to the Internal Revenue Service? Her question, posed to the online auction site’s discussion board for sellers, generated much advice – and more confusion. In tax law, there is no clear, bright line that separates fun from profit, or a hobby from a business. But IRS instructions make it clear that all income – a category that includes bribes, gambling winnings, kickbacks and money made in illegal activities – can be taxed. "You can’t get an answer from anybody," Wojnarowsky said (snip) Oh, yes, you can. She just doesn’t like the answer she’s getting from eBay’s board….which is the wrong place to ask. If she’d keep track of *all* her expenses, and treat it like a business (rather than playing "I’m just a housewife, pity pity me), she’d find that she owed few, or no, taxes. Kris
Start with your pro rated water bill, then go on to the more subtle stuff. http://www.tinaja.com/glib/ebaysell.pdf — Many thanks, Don Lancaster Synergetics 3860 West First Street Box 809 Thatcher, AZ 85552 Please visit my GURU’s LAIR web site at http://www.tinaja.com
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My rent is deductible right? I’m using TurboTax, and it took 30% of my total rent paid as a business expense. COOL! I use my livingroom as an office, warehouse, and Shipping Center.
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My rent is deductible right? I’m using TurboTax, and it took 30% of my total rent paid as a business expense. COOL! I use my livingroom as an office, warehouse, and Shipping Center.
What about your utilities? Kris
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SNIPO My hos don’t pay for the pussy they born with… it’s a free attachment… they don’t sell it, they kinda loan it out in a tax free offshore haven… so like, fuck the IRS. What you eBay scamming sellers are just starting to learn is what prostitutes knew 10,000 years ago… if you’re an eBay whore then just face up and come out and admit you’re a whore and PayPal is your pimp. ron
wOw !
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– Hide quoted text — Show quoted text – http://apnews.myway.com/article/20050328/D893N13O0.html Mar 27, 9:48 PM (ET) By MARY DALRYMPLE WASHINGTON (AP) – Hawking baby and children’s clothes – along with some garage sale and thrift store bargains – on eBay helps Sunni Wojnarowsky bring in some extra money so she can afford to stay home with her two young boys. The additional dollars are great, but does she really need to hassle with the paperwork and report her small profit to the Internal Revenue Service? Her question, posed to the online auction site’s discussion board for sellers, generated much advice – and more confusion. In tax law, there is no clear, bright line that separates fun from profit, or a hobby from a business. But IRS instructions make it clear that all income – a category that includes bribes, gambling winnings, kickbacks and money made in illegal activities – can be taxed. "You can’t get an answer from anybody," Wojnarowsky said
(snip) Oh, yes, you can. She just doesn’t like the answer she’s getting from eBay’s board….which is the wrong place to ask. If she’d keep track of *all* her expenses, and treat it like a business (rather than playing "I’m just a housewife, pity pity me), she’d find that she owed few, or no, taxes. Kris
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– Hide quoted text — Show quoted text – http://apnews.myway.com/article/20050328/D893N13O0.html I saw this article earlier today myself… and was surprised at how little new information it contained… All old news. What is surprising, however, is how many people in the US really don’t understand the Tax codes or the IRS Tax forms. Some people pay preparers, but really don’t know what they are signing when they sign the forms prepared for them… Other people fill them out theirselves, but don’t really know what they are doing. Basically, if you sell anything for more than you paid for it… then you made a profit… and should report it as income. There is a minimum amount (Used to be $400, but I haven’t looked lately) below which you don’t have to report… but after that, it is all taxable. Yard sales, flea markets, stuff you sell to your friends when you are tired of it… all fall under the same category. Also true if you sell a service like your buddy asks you to help him design an in-home computer network for his house and you use your expertise to help him lay things out and charge a consulting fee. A lot of people will see this article and paint it like the IRS is trying to jump on eBay and "make it taxable"… but the simple truth is, it always was taxable, but like many things in the world that people do… some people report stuff and others don’t. -Stewart http://www.indenter.com/comics
Oi veh Stew… first let me quote you: " Basically, if you sell anything for more than you paid for it… then you made a profit… and should report it as income. " My hos don’t pay for the pussy they born with… it’s a free attachment… they don’t sell it, they kinda loan it out in a tax free offshore haven… so like, fuck the IRS. What you eBay scamming sellers are just starting to learn is what prostitutes knew 10,000 years ago… if you’re an eBay whore then just face up and come out and admit you’re a whore and PayPal is your pimp. ron
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@individual.net: Taxes are just an ordinary part of doing business.
Yep, and I just finished up sending in my eBay income along with everything else late last week. It’s all part of what you do when you’re making dough. — Donna
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I wish I could get some bribes or kickbacks, I wouldn’t mind the tax. I guess those are only for Republicans
– Hide quoted text — Show quoted text – But IRS instructions make it clear that all income – a category that includes bribes, gambling winnings, kickbacks and money made in illegal activities – can be taxed. We declare all of those, just not our eBay income.
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Richard Diamond Quoted the always on the ball AP news service: …If you are selling and making a profit, you have to declare it…
I don’t see why this is any kind of news. All the income amounts go to the accountant. She tells me how much I have to pay to who. And then she tells me what I should do this year to alter how much I have to pay next year. Much too complex for a non-accountant (me) to figure out. The money I spend on a professional to deal with my taxes is worth every penny. And it’s tax deductable..:-) Lumpy — In Your Ears for 40 Years http://www.lumpymusic.com
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But IRS instructions make it clear that all income – a category that
includes bribes, gambling winnings, kickbacks and money made in illegal activities – can be taxed. We declare all of those, just not our eBay income.
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RD If you are selling and making a profit, you have to declare it. If we are running an eBay BUSINESS, we are making a profit, and already file. Taxes are just an ordinary part of doing business. If we are selling off excess home stuff, we are almost certainly running a tax loss, but only if we can prove it. Save all receipts, for everything, forever. In the unlikely event that some trash item is actually an eBay treasure, always keep some other major-loss items handy (e.g. old computer parts), to sell in that same tax year, so as to realize the loss for tax purposes, and offset the gain. If taxes on eBay activities are an issue, we are not going about it properly. — http://www.access-one.com/rjn email4rjn AT yahoo DOT com NOT speaking for any employer, client or Internet Service Provider.
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