Buying/Selling Making Profit...

Okay, I bought a few computers from some commercial suppliers and I don't have a business. And I want to use those new computers and sell them on
eBay for more profit, I don't have any files or paper due.

I just need to know what to do and what's legal and what is illegal.
Or anything else that I need to know about.

List any profits of the sale on line 21 as "other income" or "hobby income". You can claim expenses on Schedule A, subject to the 2% of AGI floor.

Snipes

Reply

Lets say I bought a computer for 600 and selling it for around 1000+.

The answer is the same.

Snipes

Charging Sales Tax

Do I have to charge sales tax and all of that other stuff.

XeqtR said:

Do I have to charge sales tax and all of that other stuff.

Click to expand...

Likely that you would have to charge, collect, and remit sales tax if the sales are to someone within your state. Generally, you would not be obligated to collect sales tax to a buyer from another state.

Best to check with your state's Department of Revenue.