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.
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.
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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Ducky
You find what hard to believe?
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Ducky
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
PumpkinAngel
I doubt it, basic accounting principal applies either way.
PumpkinAngel
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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