The problem is that with the IRS you have to PROVE
that you didn't make a
profit. If they get something from PayPal (or anywhere else) that shows
that you sold something for money (note that I didn't say profit!), then
you need to have records showing that it's cost and your expenses are equal
or greater than the income from the sales or else you owe taxes on it. In
addition to the possible taxes you may (will!) also be charged interest AND
penalties AND you could even be charged with income tax evasion!
I rather figured this was the case, and was part of why I recommended getting professional
advice. Any idea if storage costs go towards showing that you didn't make a profit?
Unfortunately in my case, I don't have receipts that show how much I paid for all this
junk, and I sure can't remember in most cases.
And yes, I will end up getting professional advice in the long run on this.
Zane
--
--
| Zane H. Healy | UNIX Systems Administrator |
| healyzh(a)aracnet.com (primary) | OpenVMS Enthusiast |
| | Classic Computer Collector |
+----------------------------------+----------------------------+
| Empire of the Petal Throne and Traveller Role Playing, |
| PDP-10 Emulation and Zane's Computer Museum. |
|
http://www.aracnet.com/~healyzh/ |