canvas01
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- Jun 5, 2006
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I have started buying and flipping for profit more regulary on ebay recently and I'm worried about taxes. I've been hearing for awhile that the IRS is going to crack down on ebay sellers and with their access to credit card spending totals versus income statements its probably not hard for them to figure out who flips on ebay.
It seems like a huge chore to save every single receipt and track every penny, but is this what you need to do in case of an audit? Can your gross ebay sales be taxed if you can't provide proof of deductions (item cost, listing fees, etc.)
What do you guys do?
It seems like a huge chore to save every single receipt and track every penny, but is this what you need to do in case of an audit? Can your gross ebay sales be taxed if you can't provide proof of deductions (item cost, listing fees, etc.)
What do you guys do?