Report as income?
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  1. #1
    Moderator nuisance26's Avatar
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    Smile Report as income?

    ~I'm curious if anyone knows or can point me in the direction of someone who knows how much I can make 'at home' before I have to report it to the government as income. I'm talking about yard and online sales, not working under the table! Anybody know?~

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    Registered User Jskell911's Avatar
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    My accountant told me that all of it needs to be reported. I think that is the legal answer, but this may answer your question better:


    http://www.hrblock.com/taxes/tax_tip..._expenses.html

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    Registered User FrugalMomof3's Avatar
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    I know it's all of it but if you think about it, it's not fair, since you are taxed on the items you spent for this and you are selling it for way less than you paid (yard sales).

    Online sales, understandably that is a different story if your making the item but then be sure to deduct your expenses such as payment accepting fees, material fees, etc.

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    Moderator nuisance26's Avatar
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    ~Thanks ladies! I did some research too and I'm pretty sure I won't have to report because we never profit. I just wondered at what point it becomes income-taxable. Yard sales operate at a loss so I don't think they can get you there.~

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    I looked into this when I sold on ebay and was told that it has to be reported if you make a profit (handmade crafts sold for more then the materials etc..) but if it's something you bout and are reselling and not making a profit, you don't have to report it. Just what I was told.

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