Comments on: How to report profit made on craigslist for taxes? http://usbappz.com/2009/11/how-to-report-profit-made-on-craigslist-for-taxes/ put it on a USB Flash Drive Thu, 04 Aug 2011 07:02:20 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Judy http://usbappz.com/2009/11/how-to-report-profit-made-on-craigslist-for-taxes/comment-page-1/#comment-84037 Judy Sun, 29 Nov 2009 07:12:09 +0000 http://usbappz.com/2009/11/how-to-report-profit-made-on-craigslist-for-taxes/#comment-84037 If it's basically a business buying and selling items, not just selling some of your old stuff, use schedule C and SE and form 1040. If it’s basically a business buying and selling items, not just selling some of your old stuff, use schedule C and SE and form 1040.

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]]> By: Great Scott http://usbappz.com/2009/11/how-to-report-profit-made-on-craigslist-for-taxes/comment-page-1/#comment-84038 Great Scott Sun, 29 Nov 2009 07:12:09 +0000 http://usbappz.com/2009/11/how-to-report-profit-made-on-craigslist-for-taxes/#comment-84038 Report the income as miscellaneous income. Report the income as miscellaneous income.

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]]> By: tro http://usbappz.com/2009/11/how-to-report-profit-made-on-craigslist-for-taxes/comment-page-1/#comment-84039 tro Sun, 29 Nov 2009 07:12:09 +0000 http://usbappz.com/2009/11/how-to-report-profit-made-on-craigslist-for-taxes/#comment-84039 is this a one time event or do you do this more or less as a business, as those who are using ebay as a form of employment if you are doing more than a single transaction you probably need to file Sch C if you made a huge amount, yes, reporting it as Misc income would be appropriate, but did you make like $600 on it? is this a one time event or do you do this more or less as a business, as those who are using ebay as a form of employment
if you are doing more than a single transaction you probably need to file Sch C
if you made a huge amount, yes, reporting it as Misc income would be appropriate, but did you make like $600 on it?

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]]> By: v b http://usbappz.com/2009/11/how-to-report-profit-made-on-craigslist-for-taxes/comment-page-1/#comment-84040 v b Sun, 29 Nov 2009 07:12:09 +0000 http://usbappz.com/2009/11/how-to-report-profit-made-on-craigslist-for-taxes/#comment-84040 If you are selling your old stuff for more than you paid for it, it's a schedule D item. (These losses are not deductible.) If you are buying items specifically for resale and have a profit motive, it's a schedule C deal. (Hobby is in between and is tricky. No SE tax, but you can't deduct the expenses unless you itemize.) If you are selling your old stuff for more than you paid for it, it’s a schedule D item. (These losses are not deductible.)

If you are buying items specifically for resale and have a profit motive, it’s a schedule C deal. (Hobby is in between and is tricky. No SE tax, but you can’t deduct the expenses unless you itemize.)

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