I buy and sell products on amazon and ebay and want to know how to report it on my taxes. My sales are below the threshold that they have to report but it helps my return if I can report it myself.
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Yes, you would report your income from selling on Ebay and Amazon.
The IRS rules are clear: you must pay taxes on
all personal and business income and that includes money you make
selling on Ebay and Amazon.
On the
bright side, if you do sell on eBay as a business you can deduct a
number of business expenses, including the cost of inventory, listing
fees, shipping, envelopes, packing materials, etc.
You might also be
able to deduct things like the purchase of a computer for business use,
office space (even if it's a home office), office supplies, and more.
The best TurboTax product for this would be Turbo Tax Self-Employed (Online) or TurboTax Home & Business (desktop) because these two versions handle the unique situations of independent contractors, freelancers and small business owners like you.
To enter this type of income in TurboTax Self-Employed or TurboTax Home To enter this in Turbo Tax Self-Employed (0nline) or Turbo Tax Home & Business (desktop):
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