Fett did you report this on your taxes?

[RacerX]

Your awesome profits from online selling you're always crowing about?


Here Comes The IRS:
http://news.com.com/Selling+stuff+on...html?tag=st_lh

[fett]

I'll be fine as long as it's not retroactive.:ROTF: You guys and those guys don't even want to know. And I'm just a 2-bit player.:ROTF:

[Sukisyn]

This whole thing confuses me.

I can see taxing people that use online auctions as their way of making a living. But if I buy a guitar for $1200 and do not like it and sell it on eBay but only get $1000 back does that mean I have to report that $1000 as income even though I did not really make any money?

[RacerX]

I'd think that'd be a net loss.

[fett]

No, you have a loss that is not deductable. Where I buy a hypothetical toy plane for $2 and sell it for $200 that is a taxable event. Cost of plane $2. Selling expenses $5. Cost of goods sold, $7. Profit. $193 . Taxable? Yes. Come get me!!! You dirty Screws.:ROTF: :ROTF: I am not a business and it is none of theirs.

[Drsracing]

Now whitey's trying to keep Fett down too

KILL WHITEY!!!!!!!!!!

[fett]

That's tellin' 'em, Donnie. Let them waste $300,000 to nail me.:ROTF: :ROTF:

[Sukisyn]

I am sure they would come up with some interest rate for all the back taxes that would allow them to recup that.

[fett]

Let them try and tax we poor little guys that just mint money on ebay. There will be a revolt and all those a-holes in Washington will be looking for new jobs. "Would you like your filibuster with cheese?":ROTF: :ROTF: :ROTF:

[buzzsaww]

Keep dreaming Fett, no revolt, people will take it and nods theirs heads in approval of the BS excuse given.

[fett]

Well, if they do. They do. Who the fuck cares? I know I don't. Just a cost of doing a non-business.:ROTF: I'll just pass it along.:ROTF: :ROTF: :ROTF: :ROTF: :ROTF:

[fett]

Hey, Yu Fat. Why single me out? What about the Oud guy.:ROTF: :ROTF: :ROTF:

[missionguitars1]

It will never happen. Already "been there, done that" with the chronic garage sale/want ads-crew in the past, and it never stuck. Why? If they taxed you on the crap you're selling, they would have to allow you to then have personal expenses as deductable (toilet paper, food, etc) and capital goods as depreciable (underwear, fridge, vacuum cleaner, etc). Imagine your tax return if you were now considered a business and how impossible it would be for them to track it!