Posted by David Sherman on Friday, May 18, 2007 at 01:02:11 :
In Reply to: Ebay - IRS posted by jack cain on Thursday, May 17, 2007 at 23:00:53 :
Let's see... They'll know what price you sold stuff for and how much you charged for shipping. They won't know what you paid for the stuff (cost of goods sold), how much you actually paid for the shipping, or how long you kept the stuff before selling it (long term vs short term capital gain). So that gross sales number means absolutely nothing in terms of what your net profit, if anything, actually is. It sounds to me like they just want to go on a fishing expedition, and if they find anything, hassle you to provide piles of documentation, and if you can't provide invoices for everything you bought, they'll say your gross auction sales are 100% taxable. Maybe the CPAs association was pushing for this. Should give them lots more work. I wonder if the law will also require them to share with the IRS WHAT you bought or sold. Of course with some on-line auction services, like gunbroker.com, it's pretty clear what you were probably buying or selling.
When did these Republicans stop being conservatives? Did something just happen, or did they stop the day they got elected?
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