Quote:
Originally Posted by berettafan
tax code works like this: if you have income/gain then you pay tax....unless it is specifically exempted.
wait till the IRS decides to start targeting ebayers. nobody has an excuse.
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ebay will be sending out 1099's for 2007. Anything over 600 in total sales. That's the word I get. Still, I think the ruling is based on intent. If you are simply unloading household goods and you didn't otherwise use them in business or depreciate them, then they are yours to sell. If the IRS wants to tax you, then simply show the purchase receipt and declare a loss.
The mere fact that something gained in value under your ownership is not your fault, is not controllable by you and there was no intent to profit, makes it exempt, IMO only. I'm not an enrolled agent.