topic Re: Too much . in Community Chat

Too much .

Alsace Gal — Mon, 12 Jan 2015 02:25:29 GMT

I don't really know where to post this question.

I have items which I would like to sell. I've tried selling in my area, however there is little interest.

I am thinking of selling on Ebay, not as an income, just to clean out nice items I have, and have not used.

My question, do I need to pay taxes for household items, purses and clothes?

In the past I have donated beautiful coats and clothes, but, would like to get a little bit back this time.

Thanks for any help offered.

Re: Too much .

kittymomNC — Mon, 12 Jan 2015 02:41:23 GMT

Ebay doesn't report anything to the IRS until you reach a certain amount of sales - my son sells on eBay and he says it's $20,000 or 200 items in one year. If you're just selling things of your own that you don't want any more, you wouldn't be liable for paying income tax, if that's what you mean. It would be kind of like having a yard sale.

Re: Too much .

game-on — Mon, 12 Jan 2015 02:54:56 GMT

In our area we have an upscale consignment store.... you could also try that.

Re: Too much .

adoreqvc — Mon, 12 Jan 2015 04:01:16 GMT

Hi kittysmomNC,

I have an acquaintance who purchased more than she needs and was thinking about doing a yard sale to recoup back some funds, but when I read this thread I thought about her and decided to ask a few questions.

Should you know the correct answers to each, it would be greatly appreciated.

1) What about selling on Ebay items purchased which have never been used, and still are in a brand new condition, with many items still having attached tags on them. Would they be considered as income and reported as such to the IRS?

2) What if these same brand new unused items some with attached tags were sold for less than $20,000 and were less than 200 items per year, are they still not reported to the IRS as income, or are they considered income and EBay will report them to the IRS?

Many thanks!

Re: Too much .

Kachina624 — Mon, 12 Jan 2015 07:26:17 GMT

I would say if you made no profit on the item, no Federal tax is due. Most clothing, even with tags, is sold for considerably less than the original cost.

Re: Too much .

adoreqvc — Mon, 12 Jan 2015 16:23:22 GMT

My understanding is the bags are high end and some are from well known manufacturers, they were over $200.00 each plus tax and shipping, and she never used them at all.

Many have the tags attached and the original dust bags, but she thought to sell them for $100.00 firm price.

Would she still have to pay IRS income taxes if under the yearly $20,000.00 mark and less than 200 items sold which kittymomNC mentioned above??

She decided against a yard sale saying she felt it would be too exhausting, and she would loose too much $. (Everyone expects really low prices at yard sales, and she feels these high end items could command more if sold on different venue perhaps like Ebay) where she is willing to take an over $100.00+ loss on each item.

Re: Too much .

adoreqvc — Tue, 13 Jan 2015 16:20:05 GMT

Found what she needed to know thank to your kind replies.

Re: Too much .

Alsace Gal — Mon, 26 Jan 2015 04:06:05 GMT

Thanks everyone for your help. I've decided to sell on e-bay the higher value items.

I appreciate all the information offered.

Re: Too much .

Group 5 minus 1 — Mon, 26 Jan 2015 14:41:38 GMT

We have purchased a few items from e-bay. They were all fine but I am disappointed in the sellers. If you are using e-bay remember to keep shipping and handling to a reasonable amount. That is a deal breaker for many. People are looking for bargains. I am not an e-bay seller but I have heard that e-bay has a lot of ""rules"" for their sellers.