Selling Goods on Ebay? IRS Might Wants To Tax You In the Future!
Yes I know many people hates the IRS, but hey it’s the awful reality that you got to pay some of your income to Uncle Sam to keep the country going. We’ve enjoyed tax free shopping online and selling goods on Ebay without have to report our income, but that soon will come to an end.
IRS wants to tax online sales and wants you to file reports with them for any sales you made if its more than $5000 USD/year with over 100 or more online sales. A proposal is currently on the draft phase that will require major sites to tracks user information and send them to the IRS.
There are many security and privacy concern right now in regards of sites storing user’s social security number and information. I personally would not use a site if it asks me for a social security. So for IRS to tracks all sales info they will probably require sites to store those important information. The IRS seen a big growth of the Internet commerce and really want a chunk of it. Let’s just hope we can still sale stuff online without our privacy being potentially exposed.
