-Easier at home. Whats to debate?

iVillage Member
Registered: 05-19-2008
-Easier at home. Whats to debate?
2829
Tue, 07-08-2008 - 9:18pm

I am a teacher off for the summer.

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iVillage Member
Registered: 03-26-2003
Tue, 07-15-2008 - 12:21pm
I used to come across it quite a bit in any kind of cash businesses. Instead of paying OT at 1.5 time and having to pay all the payroll taxes etc, the business would pay the OT at the regular hourly rate, but in cash.
iVillage Member
Registered: 03-26-2003
Tue, 07-15-2008 - 12:23pm
Lower MIDDLE class. My point was that I am familiar with the type of hood you live in.
iVillage Member
Registered: 10-05-2007
Tue, 07-15-2008 - 12:23pm
I have a pretty good idea that the people i know who rent out portions of their homes do so legally.

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Ducky

iVillage Member
Registered: 10-05-2007
Tue, 07-15-2008 - 12:25pm

You find what hard to believe?

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Ducky

iVillage Member
Registered: 06-27-1998
Tue, 07-15-2008 - 12:27pm

If it was taxable income, through an occasional garage sale, yes and most likely as other income.


If I was selling things on ebay on a recurring basis, then definitely yes as that would be considered more of a business than an occasional garage sale/yard sale, online or off.


Depends if it is taxable income or not.

PumpkinAngel

iVillage Member
Registered: 06-27-1998
Tue, 07-15-2008 - 12:30pm

Yes, it is a simple question...here it is again for you to answer.

PumpkinAngel

iVillage Member
Registered: 04-22-2005
Tue, 07-15-2008 - 12:31pm
Just curious since I've never had a garage sale, but how *would* you report that income? I would think that I'd keep a record of how much profit I made at the garage sale and then I'd verbally tell the person doing my taxes that I made X amount of money at the sale. They'd probably know what to do from there. But does anyone know for sure how it's supposed to go?



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iVillage Member
Registered: 06-27-1998
Tue, 07-15-2008 - 12:31pm

I doubt it, basic accounting principal applies either way.


PumpkinAngel

iVillage Member
Registered: 03-26-2003
Tue, 07-15-2008 - 12:31pm
I seem to remember that her BIL or some other relative rents out illegally. That is probably how she knows all the details (fridge and stove etc).
iVillage Member
Registered: 06-27-1998
Tue, 07-15-2008 - 12:34pm

It depends on what you are selling, how often you are selling and if there was a gain in selling.

PumpkinAngel

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