The income you get from selling items on eBay is just like the income you get from any other business: it is taxable, at least in theory. In practice, many get away without declaring profits from their eBay sales just because theyre hard for the government to track. If you want to be strictly within the law and legit, though, you should be paying tax.
Income is Income.
If you make money from it, then its income and if its income, then its taxable. There is a question of scale involved, though, where the more youve sold, the more important it is to declare your eBay income. If you dont, you risk getting yourself into all sorts of trouble.
There are some rules for deciding whether your income counts as taxable or not. If you depend on the income you get from eBay, spend a lot of time on it, or just act as if you are running a business, then you need to file a Schedule C tax form and pay tax as a business.
How Do I Work Out How Much to Pay?
The income you make from eBay is how much profit you make. Remember that you can subtract absolutely all of your costs from this income, like this.
Sale price – cost of item – eBay fees...
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