Chris Lutz
Chris Lutz voted up Ancient Hippy's answer

You'll pay income taxes on sale price, minus the cost of the item, advertising costs and any other costs involved in selling the item.

Chris Lutz
Chris Lutz voted up Moga Deet's answer

You pay tax on your profit.  If you are doing this for a business, you want to report this on a Schedule C, which will allow you to report the revenue and deduct cost of goods and associated costs.  The net carries into the calculation of your taxable income.

If this is a one-time thing, don't … Read more

Chris Lutz
Chris Lutz thanked Moga Deet's answer

You pay tax on your profit.  If you are doing this for a business, you want to report this on a Schedule C, which will allow you to report the revenue and deduct cost of goods and associated costs.  The net carries into the calculation of your taxable income.

If this is a one-time thing, don't … Read more

Chris Lutz
Chris Lutz voted up Moga Deet's answer

You pay tax on your profit.  If you are doing this for a business, you want to report this on a Schedule C, which will allow you to report the revenue and deduct cost of goods and associated costs.  The net carries into the calculation of your taxable income.

If this is a one-time thing, don't … Read more

Chris Lutz
Chris Lutz voted up Ancient Hippy's answer

You'll pay income taxes on sale price, minus the cost of the item, advertising costs and any other costs involved in selling the item.

Chris Lutz
Chris Lutz voted up Ancient Hippy's answer

You'll pay income taxes on sale price, minus the cost of the item, advertising costs and any other costs involved in selling the item.

Chris Lutz
Chris Lutz thanked Ancient Hippy's answer

You'll pay income taxes on sale price, minus the cost of the item, advertising costs and any other costs involved in selling the item.