IRS Monitors eBay
Big brother seems to be eyeballing eBay and other online auction sites as a method of generating further tax revenues.
“The IRS issued a fact sheet in September, noting, "All income from auctions, traditional or online, and consignment sales is generally taxable." It added that "a person must report a gain from a sale whether he or she operates a business or not," although it makes an exception for "income resulting from auctions akin to an occasional garage sale or yard sale."
Robert Marvin, a spokesman for the IRS, said that better tax compliance by online sellers is a goal of the agency.”
If you're making a killing on eBay, you've been officially warned that eyes are watching. We're almost certain that the tinfoil hat community will soon start talking about how the IRS is or has developed some means to try to link eBay user information to the actual taxpayer information.
“The IRS issued a fact sheet in September, noting, "All income from auctions, traditional or online, and consignment sales is generally taxable." It added that "a person must report a gain from a sale whether he or she operates a business or not," although it makes an exception for "income resulting from auctions akin to an occasional garage sale or yard sale."
Robert Marvin, a spokesman for the IRS, said that better tax compliance by online sellers is a goal of the agency.”
If you're making a killing on eBay, you've been officially warned that eyes are watching. We're almost certain that the tinfoil hat community will soon start talking about how the IRS is or has developed some means to try to link eBay user information to the actual taxpayer information.
