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Most people know that money earned on eBay should really be declared for tax purposes. Depending on the country in which you reside, you can probably expect the tax authorities to be more or less vigilant when it comes to checking out the eBay income of individuals.
Some sellers in Australia received an email recently informing them that eBay had handed over user information to the Australian Tax Office (ATO). Sellers affected were eBay.com.au users whose annual sales generated more than AU $50,000 during one or more of the financial years between July 2003 to June 2006.
In the UK, the Inland Revenue have said they are closely monitoring the position. Whatever that means!
For sellers in the USA, this article may be of help.
The best advice would seem to be to get your eBay house in order. It’s much better to be prepared, than to be caught on the hop!
Ps. As always, we love to hear from you. Make sure you leave us your comments, suggestions, and feedback by clicking on the comments link below. This allows everyone to benefit from this blog.
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This is exactly the kind of great information I expected to find here. Also just read Better to Sell From a Website or With eBay? at Make Money Selling on eBay – great help. Thanks for such an informative site. Great article.