Business, 18.06.2021 01:00 gghkooo1987

Please revise message to remedy writing faults Hi, Sierra,

1As your CPA, I`m happy to respond to your request for clarification of the tax status of profits from eBay, 2or one of the other online sellers such as Etsy, Amazon, and Bonanza.
3As you are probably already aware, you can use eBay or one of the other sellers to clean out your closets or to run a small business. 4Tax liabilities should definitely be clarified, 5although no clear line separates fun from profit or a hobby from a business. 6One thing is certain: the IRS taxes all income.

7A number of factors will help you determine whether your hobby is a business. 8To use eBay safely, the following questions should be considered:

9Do you run the operation in a businesslike manner? 10That is, do you keep records, track of your profit and loss, and separate checking account?
11Do you devote considerable time and effort to your selling? 12If you spend eight or more hours a day trading on eBay, 13the IRS would tend to think you are in a business.
14Some people depend on the income from their eBay activities for their livelihood. 15Do you?
16Are you selling items for more than they cost you? 17If you spend $5 for a garage sale vase and sell it for $50, 18the IRS would probably consider this a business transaction.
19The profits are taxable, 20even for eBay sellers who are just playing around. 21You can call me at 213-456-8901 to discuss this further.
Justin Corona

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Please revise message to remedy writing faults Hi, Sierra,

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