I have already reached my $600 IRS selling “limit” on ebay. If I import my ebay items over to Bonanza, will my sales here be added to the ebay items as far as reporting on a 1099 to the IRS?
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Mudpuddles Reputation: 15 See Mudpuddles' booth |
It’s not based on WHERE you sell your items. It’s your payment processor (eBay Managed Payments, PayPal, or Stripe, etc.) that does the reporting. For example, if you sold on Ebay, Etsy and Bonanza and exceeded $600 in combined payments with ONE payment processor, that processor will report the money. This includes other places such as Venmo…
It will then be up to you to include those gross proceeds on your tax return and then reduce that amount by deducting any cost of goods, selling expenses, etc. The IRS will only care about the actual profit you make.
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tomwayne1 Reputation: 8637 See tomwayne1's booth |
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