Ebay stuff

[JackDidley]

Listed a turntable on ebay the other day. This morning I get a message from China about shipping. I am wondering whats up as I did not check off international shipping. I check my listing and discover that ebay now automatically chooses international. I had to go into my settings and opt out. Just letting you guys have a heads up.
The other ebay issue I have is they sent me a 1099 for $5900. I am ok with paying taxes but I am not sure how this works. I did not make $5900. Ebay took about 15% and I paid about $1000 for the the stuff I sold. Can I deduct that stuff ?

[greglepore]

Yes, you only pay tax on the realized gain.

Ebay's international shipping is crazy easy now. You send your stuff to a US location and they ship and deal with all the international hassle.

[JackDidley]

Originally Posted by greglepore

Yes, you only pay tax on the realized gain.

Ebay's international shipping is crazy easy now. You send your stuff to a US location and they ship and deal with all the international hassle.

I just did a search. Selling as a business, one can deduct expenses. Selling as a hobby one has to pay taxes on the full amount. It is a hobby for me . Sort of rare for me to sell. My other income is very low so taxes will be very low anyway.

[greglepore]

You can't deduct things like a home office or the use of a vehicle unless you function as a business or file a schedule C, but your "income" on any sale, be it ebay or whatever, is the sales price less the cost of goods sold, commissions and shipping. Theres a difference between "deductions" and the definition of income.

[Steve Carlton]

I sold a few thousand dollars worth of camera gear last year, but I paid more for it than I got. I can't see how the selling price less eBay fees is taxable.

[JackDidley]

Not too concerned . Taxes are low at my income level. There are only a few advantages to being old.