selling mouthpieces/taxes

jazztrumpeter95 · Posted: Mon Sep 17, 2012 11:13 am Post subject: selling mouthpieces/taxes

he guys so ive bought and sold five mouthpieces on ebay and was paid through paypal. i made a small profit from what i paid. Im only sixteen but the account is under my sisters name who is in her mid 20s. will I (or she rather) be taxed by the government for selling the mouthpieces on ebay?

VetPsychWars · Posted: Mon Sep 17, 2012 11:48 am Post subject:

You're supposed to declare it as income but almost no one ever does. The IRS doesn't really care about casual sellers but they probably pay closer attention to people who use ebay as their main source of income and take in thousands from it.

Tom
_________________

Buescher Lightweight 400
Other Buescher horns 1939--1955
Buescher Duo-Cup 88-E mouthpiece
Humes and Berg mutes
http://mmccband.org

razeontherock · Posted: Tue Sep 18, 2012 7:57 pm Post subject:

I don't know the current rules, but 30+ years ago income less than $500 / yr did not have to be reported. That number has not come down; if anything its gone up. If you also have enough other income to need to file, one way to report your actual income would be on a schedule C, as a separate business. Calculate your actual profit, after all expenses, and see what the tax is. I bet you find its peanuts, that nobody cares about.