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View Full Version : Tax Heads-Up. Canada Now, US Next

biggfredd
10-01-2007, 05:11 AM
The Federal Court of Canada has ruled that eBay Canada Ltd. must release details to the Canada Revenue Agency (like the US IRS) about high-volume sellers who use the service.

The website will be required to turn over details such as names, addresses, phone numbers and email addresses, The Globe and Mail reports.

The agency intends to use the information to determine whether individuals or companies making high-volume sales on the site are reporting income from online sales made in 2004 and 2005.

You can read the rest of the article here: http://www.ctv.ca/servlet/ArticleNews/story/CTVNews/20070927/ebay_ruli ng_070927/20070927?hub=SciTech (http://www.ctv.ca/servlet/ArticleNews/story/CTVNews/20070927/ebay_ruling_070927/20070927?hub=SciTech)
dennyxl
10-01-2007, 08:12 AM
It don't think the IRS is tracking individual ebay sellers yet, at least in any kind of broad based way, but it only stands to reason that they will eventually. There's just too much money involved for them not to. How does that effect me today? It would be foolish to think they're not already watching some sellers. More foolish yet would be to think a sweeping IRS exam of ebay sales would not be retroactive.
Stone
10-01-2007, 10:32 AM
More foolish yet would be to think a sweeping IRS exam of ebay sales would not be retroactive.
Yes I agree and I feel comfy with it since I have reported all eBay and other online sales since I started.
oldstufftwo
10-01-2007, 09:52 PM
It don't think the IRS is tracking individual ebay sellers yet
If you get audited thye can get your ebay information.
Yes I agree and I feel comfy with it since I have reported all eBay and other online sales since I started.
anyone making more than a few grand should be reporting something
justgr8buys
10-02-2007, 12:17 AM
Anyone making over $600 ( I think this is the threshold) should be reporting it, no matter how it was made. I am glad I have reported my sales in years past, taken legal deductions, and have paid my share of taxes. There are thousands of sellers that do not report anything.
cjturtle
10-02-2007, 07:07 AM
We report also and have a tax id. I would be too paranoid not to report it.

Disclaimer: This is id (cjturtle) is not my eBay id. Someone else on eBay already had this id. My eBay id is not even close to this one.
hechto
10-23-2007, 10:18 PM
Plenty of people have never done a tax return. They just don't exist.