BBPanel
01-16-2014, 09:53 AM
Just as indicated in the subject line - is this an issue for the hobbyist (especially for "bigger" item transactions)? -Bob
vintageracer
01-16-2014, 10:35 AM
Just as indicated in the subject line - is this an issue for the hobbyist (especially for "bigger" item transactions)? -Bob
Yes,
It all depends on how much you do, how often you do it and are you doing it for PROFIT. IF you make a profit the government WANTS THEIR CUT OF THE PROFIT! That means they want "THEIR" money. If you lose money they are not interested!
Consider the person that has the Perpetual Garage Sale every week at their home. "They" say they are just selling their own stuff. They must have a LOT of stuff! This is why most cities have codes and restrictions on garage sales limiting their number. Otherwise a person could operate a business out of their home without the rent, restrictions, licenses and other requirements an operating business would be required to have.
Paypal/Ebay now sends 1090 forms to those who sell over $20K worth of stuff.
If it smells like a duck and quacks like a duck it probably is a duck!
You know what you are really doing and the purpose of your sales.