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The largest independent, non-commercial, consumer-oriented resource on the Internet for owners, collectors and enthusiasts of fine wristwatches. Online since 1998. | |||||||
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Vintage Heuer Discussion Forum
The place for discussing 1930-1985 Heuer wristwatches, chronographs and dash-mounted timepieces. Online since May 2003. | ||||||
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: so does anyone know what tax rate is applied here? do they apply it
: to the $20,000? - your gross profit? any powersellers out there?
Lanny,
They don't apply it to anything. This is treated like any other 1099 income statement. You pay taxes on it like you would on any income. You add the profit to your income from which is subtracted your expenses etc to calculate your adjusted gross income....taxable income...and you pay tax on it and everything else at the rate dictated by the tax tables.
The fact that the IRS wants Paypal to 1099 you means that the IRS wants to have an official record. They are saying that an eBay store is like any other business.
JohnCote
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