I keep seeing every where that ebay and pay pal will be reporting to the irs...Does anyone know when this will go in affect, and also curious if anyone on here has been audited for their ebay sales?? I have sold some scrap gold on there but dont have receipts for my purchases. I guess I would like to hear if anyone has had problems with uncle sam for their ebay transactions...Im just nervous if I get audited I dont know what they would like to see as I buy Alot of gold and mistake solid gold for plated and what not(not that often but just saying)...How do they know which items I am selling and what the total investment in those items are?? Will they just make up a number?? Like I said I am just very nervous and hesitant to start doing big volume as keeping records and proving prices seem more difficult then the actual running of my business...
Any feedback or personal experiences would be greatly appreciated!
Any feedback or personal experiences would be greatly appreciated!