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Selling Personal Property

Posted on November 30, 2015 at 10:30 AM

Many people are selling goods through the internet such as Ebay, Craiglist, Amazon or some sell at flea markets. Some of these means of selling are new but the rules for determining wheteher a trade oIr business exists are the same. In one case the IRS a woman was subject to a criminal investigation for not reporting income from selling items on Ebay. The tax payer did not believe that she was a business so did not keep records of her expense and income. She was able however to estimate them, but was charged taxes and penalties.

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