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EBay, Collectors, Flea Market & Antiques

wackadoo wabbit

(1,217 posts)

12. I think you're conflating income tax and sales tax, but they're not the same thing

Reply to Boxerfan (Reply #2)

Sat Dec 24, 2022, 10:59 PM

Dec 2022

The sales tax that your wife paid is added to the basis (i.e., your cost) of the item. When you sell that item, the basis (i.e., your cost) is subtracted from your gross profit. What's left over after the basis — plus any other deductions you can take — is deducted is the amount that's taxed.

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Did you all see this today? [View all] Paper Roses Dec 2022 OP

The $600 threshold was part of the American Rescue Plan passed last year MichMan Dec 2022 #1

This is a blessing- Boxerfan Dec 2022 #2

All income is taxable MichMan Dec 2022 #3

This message was self-deleted by its author Chin music Dec 2022 #4

I dont understand the logic of "They paid taxes on the money to buy them" MichMan Dec 2022 #6

This message was self-deleted by its author Chin music Dec 2022 #7

How exactly does one skip paying sales taxes? MichMan Dec 2022 #8

This message was self-deleted by its author Chin music Dec 2022 #9

It's -2 degrees and windy MichMan Dec 2022 #10

This message was self-deleted by its author Chin music Dec 2022 #11

This message was self-deleted by its author Chin music Dec 2022 #5

I think you're conflating income tax and sales tax, but they're not the same thing wackadoo wabbit Dec 2022 #12

good. ZonkerHarris Dec 2022 #13

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