Hey all,
I'm selling a few books that we don't need on Amazon (like about a dozen). I'm not making any money on them since we originally bought them retail, and I'm selling them for less. I don't have receipts though. Am I supposed to keep track of all of this/report it to the IRS? I do have some self-employment income, but I don't know if I'd have to include this with that. Amazon keeps referring to my "business," so I just started to wonder.
Please, if you are anti-IRS/don't declare income when you can get away with it, please don't respond. This isn't a political question--it's a practical one, and I would like advice and don't want to issue to get highjacked!
Thanks!
If you are selling items like you would a garage sale, you do not have to claim for retail sales taxes. I looked into this years ago when I considered it. If it is something you purchased or received as a gift, used or stuck in a closet and then sell, you do not have to pay the sales taxes.
A few books doesnt sound like a business, it sounds more like a garage sale to me. That said, I wouldn't, but my husband probably would....
I think you actually are supposed to report it. You should also contact your state's tax commission and see if you have to pay sales tax on your items. I live in Oklahoma, and we have to collect and remit sales tax from anyone living within our state and also on items that are shipped to a location within our state. When in doubt, always contactg a professional.
On the website they clearly say that it is the seller's responsibility to determine if you owe taxes.
My take- Selling a few books here and there is like selling on craigslist or a yard sale. Buying used textbooks in bulk then selling them on amazon is a business. I worked at a used bookstore for a long time and saw this happen a lot. If you are making over a thousand dollars per year, I would look into it. But if not, I wouldn't stress over it.
