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In Reply to: Are you sure about tax treatment ? posted by Ross on July 10, 2017 at 19:42:58:
Not so. If you sell personal items for less than you paid for them, no tax is due. However, if you sell for more than you paid, then you should report it as a capital gain on a collectible, taxed at your ordinary rate with a cap of 28%. You would report these sales on Part II of Form 8949, with Box F checked.
For a hired seller, how eBay works is irrelevant. He would report his total revenue, but the amounts paid out to the actual owners of the records would be treated as the cost of goods on his Sched C.
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Follow Ups
- RE: Are you sure about tax treatment ? - vinyl1 20:04:47 07/10/17 (3)
- RE: Are you sure about tax treatment ? - mr.bear 01:17:32 07/11/17 (2)
- RE: Are you sure about tax treatment ? - dave slagle 05:26:21 07/11/17 (1)
- Re: Thanks! nt - mr.bear 11:58:47 07/15/17 (0)