Originally Posted by
jnelson3150
You need to report ALL of your income. You can deduct the cost of goods sold and your selling expenses, but the rest is income.
If you can't afford an accountant, get a bookkeeper who does taxes and get this straightened out.
Your biggest risk, I would think, would be DEPORTATION. All Amex will do is take away the card, and they probably won't do that, but the IRS can and will have you deported.
File A False Tax Return? Add Deportation to Your List of Worries ...
http://www.mahanyertl.com/mahanyertl...-worries/1470/
Jim
Thanks for the link...
But it says "the U.S. Supreme Court said filing a false tax return is a deportable offense if the tax loss exceeds $10,000." So I think I'm safe.
Don't get me wrong. I will report whatever profit I make in my next tax return.
But I'm sure there has to be a limit right? I mean, there are probably thousands of people like me who sell/flip things on ebay and don't pay taxes?
Like this year, with all the studying I have to do, I have only had about 6-7 transactions. I sold crap lying around the house. Old iPad cases, things like that. I made a total of $40-50. Do I have to report this?