PayPal and Taxes

Feel free to post anything unrelated to wet shaving or men's grooming (I.e. cars, watches, pens, leather goods. You know, the finer things of life).
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TRBeck
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PayPal and Taxes

Post by TRBeck »

I hate Paypal. I know Paypal is Satan. Okay. So having established that, 2009 was the first year I've bought and sold significant amounts of stuff using Paypal. My question is, what do I do with the payments received when I'm filling out my tax return. Say, on a small scale, I bought a Polo 8 in 2008 and sold it in 2009, didn't make any money, but my Paypal balance shows that I've brought in more money than I've sent. Obviously, one PL8 doesn't make much difference, but six or seven of 'em and a bunch of shave soaps (remember the great AOS sell-off anyone?) adds up. Do you guys worry about this? I know some of you probably don't send or receive much through Paypal, but there are a few like me who have the sickness really bad. So talk to me...

Thanks.

Regards,
Regards,
Tim

Why should we not meet, not always as dyspeptics, to tell our bad dreams, but sometimes as eupeptics, to congratulate each other on the ever-glorious morning? - Henry David Thoreau
Gene
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Post by Gene »

Tim, I've never thought about it. I've sold a few things there, and bought a few, but the totals just aren't that high. I tend to equate it to buying and selling personally...if you and I met over coffee somewhere and I just handed you cash for a soap or a brush. Surely eBay is paying enough in Corporate taxes to cover us all?

Although - I did just hear that the government is wondering if they should collect taxes from its guests for the free breakfasts they supply.

*edit: This last is a statement about the state of Tennessee taxing hotels on the free breakfasts...

http://timesnews.net/article.php?id=9021160
Last edited by Gene on Thu Mar 11, 2010 1:29 pm, edited 1 time in total.
Gene

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desertbadger
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Post by desertbadger »

Tim, unless you do it for a living or even part time living, I wouldn't worry about it. I've sold quite a bit of stuff (not shaving related) on flea bay and while there might have been a profit on a few things, most were break-even or a loss.

Regards,
David
Regards,
David
Gotta have the "Fat"!
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fatcity
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Post by fatcity »

Tim,

Just pick up a copy of the federal tax code for some leisure reading. I'm sure it will be easy to find your answer :D
HH
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Hawkeye5
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Post by Hawkeye5 »

Selling used shaving items and receiving payment via Paypal should be more like garage sale proceeds than a taxable transaction. I'll almost guarantee if the balance was negative you would not be able to claim a loss for tax purposes. Besides, Paypal doesn't report data to the IRS.

The "free breakfast tax" is bovine excrement. There is no "free breakfast" as any freshman taking an ecomonics class could tell the bozos that comprise the Tennessee General Assembly. Tax the business rather than the hungry patron. Who do they think they are fooling.
John
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TRBeck
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Post by TRBeck »

fatcity wrote:Tim,

Just pick up a copy of the federal tax code for some leisure reading. I'm sure it will be easy to find your answer :D
:lol: :lol: :lol:

Fair enough, men. Thanks for the response. I usually do take a loss on selling shave goods. It's just that 2008 was the year of the buy and 2009 the year of the sell, so it doesn't look that way at first glance. Nevertheless, I won't sweat it.

Regards,
Regards,
Tim

Why should we not meet, not always as dyspeptics, to tell our bad dreams, but sometimes as eupeptics, to congratulate each other on the ever-glorious morning? - Henry David Thoreau
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