How does eBay affect my taxes?
How does eBay affect my taxes? No matter who’s asking the question or what they’d previously assumed, it always seems that people in the United States are surprised to learn just how eBay affects their taxes. Here are the facts. Please note that this does not constitute official legal advice about your tax return; you should consult your tax preparer for official help on these topics.Answer: For Income (Sales) • Like any other source of income, you must pay federal income taxes on net earnings from eBay. • Unlike many other types of earnings, you must also pay self-employment tax on net earnings from eBay. • Check the laws in your state for state income tax questions. • In most municipalities that collect sales tax, you must also charge other residents of your area sales tax for eBay purchases eBay will not supply you with W-2 or 1099 forms for the gross revenue you’ve collected on eBay, since you aren’t actually doing business with eBay when you buy or sell an item, but rather with th
