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Admiral Gloval Send message Joined: 31 Mar 13 Posts: 20332 Credit: 5,308,449 RAC: 0 |
Now don't forget the changes to the VAT. Each country now charges their own on e-commerce. 20 different amounts to file at end of year. |
The Simonator Send message Joined: 18 Nov 04 Posts: 5700 Credit: 3,855,702 RAC: 50 |
They (we) are the ones propping up the post office, not the pensioners coming in to draw their pension or buy one solitary stamp using coins Boudicca would find nostalgic, once they've found their glasses of course! Life on earth is the global equivalent of not storing things in the fridge. |
Carlos Send message Joined: 9 Jun 99 Posts: 29862 Credit: 57,275,487 RAC: 157 |
I sell things on ebay from time to time. Guess we have diffrent systems. Here the seller is expected to list the cost of postage in the auction. So I package the item before I create the auction listing, measure and weigh it. I enter that information as part of the auction listing. After the auction closes and the buyer pays, I just click a button to buy and print the postage. I get a shipping label with the correct postage on it, stick on the package and take it to the post office. Most post offices here have a large cart in the lobby for pre-paid items. I just drop the package into the cart. I don't get in line. I have no impact on the postal patron in line, nor they me. As for reporting the sale, well I don't really make a profit. I am selling stuff I no longer need or want. Example an intel cpu that I bought for over $1,000 five years ago just sold for $50. If I reported I would have a $950 loss, excuse $975, I get to deduct postage and costs of sale too. |
Gary Charpentier Send message Joined: 25 Dec 00 Posts: 30683 Credit: 53,134,872 RAC: 32 |
I sell things on ebay from time to time. Guess we have diffrent systems. Here the seller is expected to list the cost of postage in the auction. So I package the item before I create the auction listing, measure and weigh it. I enter that information as part of the auction listing. After the auction closes and the buyer pays, I just click a button to buy and print the postage. I get a shipping label with the correct postage on it, stick on the package and take it to the post office. Most post offices here have a large cart in the lobby for pre-paid items. I just drop the package into the cart. I don't get in line. I have no impact on the postal patron in line, nor they me. Unless you sell to outside the USA when the customs form needs to be done face to face, but that is Post Office doing Customs job. As for reporting the sale, well I don't really make a profit. I am selling stuff I no longer need or want. Example an intel cpu that I bought for over $1,000 five years ago just sold for $50. If I reported I would have a $950 loss, excuse $975, I get to deduct postage and costs of sale too. Now, are you doing your sales as a business or a hobby? If it is a hobby you can't deduct the costs! Watch out for the 1099-K. And don't forget the 3/5 year rule. (The tax man steals) |
zoom3+1=4 Send message Joined: 30 Nov 03 Posts: 65768 Credit: 55,293,173 RAC: 49 |
Of course here in the USA, We have no VAT Tax, that would be up to Congress, but ya have 50 different states represented here, I doubt it will happen anytime soon. The T1 Trust, PRR T1 Class 4-4-4-4 #5550, 1 of America's First HST's |
Carlos Send message Joined: 9 Jun 99 Posts: 29862 Credit: 57,275,487 RAC: 157 |
Unless you sell to outside the USA when the customs form needs to be done face to face, but that is Post Office doing Customs job. Ebay even made that eazy. You ship to the closest ebay global distribution center, they then take care of the international shipping, customs, etc. |
BladeD Send message Joined: 9 Aug 11 Posts: 13320 Credit: 1,603,919 RAC: 2 |
That is irrelevant Carlos! Bought for $1000 sold for $50, in a business you could put that down to depreciation and get a tax rebate. As a private individual you have $50 of untaxed income. As I said these Ebayers are "unofficially" in business for all intents and purposes. You're only see the ones that don't use pre-paid postage. Your line maybe twice as long or more if no one did. As a private individual you have $50 of untaxed income. How is that income? He didn't get the item he sold for free. |
The Simonator Send message Joined: 18 Nov 04 Posts: 5700 Credit: 3,855,702 RAC: 50 |
That would be good to see over here, but it doesn't happen in the UK. Yes you can print pre-paid postage from the Internet, but nobody that I see seems to want to do that. One can print postage from the internet, but what does one do then? Answer, one still has to take it to the post office, however that office now gets no commission for the parcel that they still have to process. So, since i'm going to the post office either way, i buy the postage there (same price) so that they get the commission for handling the parcel. Life on earth is the global equivalent of not storing things in the fridge. |
The Simonator Send message Joined: 18 Nov 04 Posts: 5700 Credit: 3,855,702 RAC: 50 |
Gonna buy any? I did last time. Bought £500 worth and sold them for £906.30. Life on earth is the global equivalent of not storing things in the fridge. |
The Simonator Send message Joined: 18 Nov 04 Posts: 5700 Credit: 3,855,702 RAC: 50 |
Ooooh you capitalist you :-)) Guilty as charged. Life on earth is the global equivalent of not storing things in the fridge. |
janneseti Send message Joined: 14 Oct 09 Posts: 14106 Credit: 655,366 RAC: 0 |
In October 2008, amidst the 2008–2011 Icelandic financial crisis, one seller put up Iceland for sale on eBay. The auction started with a bid of 99 pence and reached 10 million pounds (US $17.28 million). However, singer Björk was "not included" in the sale. The notice read: Located in the mid-Atlantic ridge in the North Atlantic Ocean, Iceland will provide the winning bidder with — a habitable environment, Icelandic Horses and admittedly a somewhat sketchy financial situation. Bidders' questions included: "Do you offer volcano/earthquake insurance?"[11] |
OzzFan Send message Joined: 9 Apr 02 Posts: 15691 Credit: 84,761,841 RAC: 28 |
As a private individual you have $50 of untaxed income. Because you don't start with the price you paid for an item when claiming income tax. What you paid for it might be what it was worth when you bought it, but when you sell it, the price you sell it for is income. It might be a net loss for you, but the sale still adds to your overall income. |
BladeD Send message Joined: 9 Aug 11 Posts: 13320 Credit: 1,603,919 RAC: 2 |
As a private individual you have $50 of untaxed income. That's not how my accountant says it works. |
OzzFan Send message Joined: 9 Apr 02 Posts: 15691 Credit: 84,761,841 RAC: 28 |
As a private individual you have $50 of untaxed income. Then your accountant is wrong. But don't just take my word for it, read the IRS publication yourself. While most people are aware they must include wages, salaries, interest, dividends, tips and commissions as income on their tax returns, many don’t realize that they must also report most other income, such as: Furthermore, you can read more about it directly on eBay's site and from various tax professionals across the US. |
janneseti Send message Joined: 14 Oct 09 Posts: 14106 Credit: 655,366 RAC: 0 |
Is not that VAT? The US doesn't have VAT (Value Added Taxes). |
zoom3+1=4 Send message Joined: 30 Nov 03 Posts: 65768 Credit: 55,293,173 RAC: 49 |
You need to do some homework Janne. Janne is half right in one respect, the USA has no VAT tax, Congress could levy one, as that is within their power to do so, according to Article 1, Section 8 of the US Constitution.. The T1 Trust, PRR T1 Class 4-4-4-4 #5550, 1 of America's First HST's |
BladeD Send message Joined: 9 Aug 11 Posts: 13320 Credit: 1,603,919 RAC: 2 |
As a private individual you have $50 of untaxed income. I think you forgot to read this... For tax purposes, your cost basis... |
zoom3+1=4 Send message Joined: 30 Nov 03 Posts: 65768 Credit: 55,293,173 RAC: 49 |
Of course there is one seller on ebay that I'd like to buy an MSI GTX 590 card from, but the seller doesn't do international shipping.. And there aren't many of these 590 cards for sale anymore. The T1 Trust, PRR T1 Class 4-4-4-4 #5550, 1 of America's First HST's |
OzzFan Send message Joined: 9 Apr 02 Posts: 15691 Credit: 84,761,841 RAC: 28 |
As a private individual you have $50 of untaxed income. That was preceded by: If you call selling stuff on eBay a business, different rules apply, For deducting expenses related to selling while running a business. |
janneseti Send message Joined: 14 Oct 09 Posts: 14106 Credit: 655,366 RAC: 0 |
You need to do some homework Janne. I Think you should do your homework Chris! At very least read your own links that you are giving to us that "supports" your statement! http://en.wikipedia.org/wiki/Value-added_tax#Different_systems |
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