Practice for 2006 - Reporting 100% of all your eBay and Paypal Transactions to your Accountant and Income Tax Preparer - Try this with your 2005 transactions
ALTERNATE WORKING TITLE: How to not get dropped like a Hot Potato by your Accountant and Income Tax Preparer
I shudder to think how many people are making money online selling items on Ebay and collecting payments using Paypal .. and are not reporting the income on their tax return.
It’s OKAY to sell some junk and personal items that you own on Ebay to help recoup the costs of other purchases that you may have .. and you probably don’t have to report the transaction. However, if you are buying and selling products on Ebay for profit .. you are a small business and must report your net earnings on your tax return.
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No doubt there are some issues to be...
