Originally Posted by
jatink129
Okay so according to most here, I have falsified my tax returns. I didn't think so then, but now obviously I'm having second thoughts.
I did NOT do this with intent to cheat the IRS. Though, ignorance is not an excuse. I realize that.
I did not come here to be morally judged.
I don't think most people are judging you here. We're just making observations about the facts as you've presented them.
BTW, the IRS has a short 2-minute video that directly addresses your taxability issues:
http://www.irsvideos.gov/SmallBusine...OnlineAuctions
Also, don't get too worked up about the notion of the IRS coming after you or getting deported. I think these are extremely unlikely to happen. There are tons of people that make money on eBay and don't report the income. Just don't expect a bank to take that income into account when you borrow money.
About the only thing that's probable to happen is that Amex is going to consider the income you state on your tax returns as your only income for the purpose of making a credit decision. I suppose you could also tell them about the support you get from your relatives - that's a very reasonable source of income for a student, and is not taxable so it would not appear on your tax returns. Whether Amex takes that into account, I don't know.