New Fact Sheet for Reporting Auction Income

[TaxMama note: think eBay.com and epage.com ]

Courtesy of IRS

Many people don’t realize the income they earn from auctions and consignment sales may be taxable. A new IRS Fact Sheet helps taxpayers better understand what income they are required to report and what deductions they may be entitled to take.
https://www.irs.gov/newsroom/article/0,,id=174478,00.html

[See Resource Box below for links to this and other resources]

• Ask TaxMama :: Where taxes are fun and answers are free

• TaxQuips :: The number ONE free tax podcast online

• IRS Tax Gap Series :: Reporting Auction Income and the Tax Gap
• IRS FAQs :: Online Auction Sellers

• IRS Tax Gap :: Over view of all Tax Gap Information and Enforcement

• MarketWatch.com – TaxMama's TaxWatch article :: Taxes the eBay way

• Skip McGrath's :: Auction Seller's Resource – free information and blog