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  #1  
Old 03-05-2005, 07:47 PM
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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.
  #2  
Old 03-05-2005, 09:52 PM
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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
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This post does not create an agreement to represent you before the IRS, nor does it invoke confidentiality regulations. Postings are based only on the information provided and you should consult a tax professional in your area before relying on information contained in this post.
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Old 03-06-2005, 02:20 PM
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Lets say I bought a computer for 600 and selling it for around 1000+.
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Old 03-06-2005, 02:55 PM
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The answer is the same.

Snipes
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This post does not create an agreement to represent you before the IRS, nor does it invoke confidentiality regulations. Postings are based only on the information provided and you should consult a tax professional in your area before relying on information contained in this post.
  #5  
Old 03-08-2005, 07:41 PM
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Charging Sales Tax

Do I have to charge sales tax and all of that other stuff.
  #6  
Old 03-08-2005, 08:03 PM
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Quote:
Originally Posted by XeqtR
Do I have to charge sales tax and all of that other stuff.
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.
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