You didn't get the memo! You are supposed to prime your children for the "real
world" which includes payroll taxes, etc.! :>)
My youngest daughter, who is now almost 33, got a real shock when she started
working part time in high school. She didn't understand how the government
could take so much of what she made as taxes.'
Until their is a VAT ("value added tax") the federal government wouldn't
require a tax be put upon the purchaser. However, there are several states
that are doing "their best" to require payment of the state "sales tax" on eBay
purchases made by people residing in their state.
--- On Mon, 5/24/10, Randall, Randy <Randy.Randall@healthall.com> wrote:
Well if I buy something for $1000 and sell it used for $800 the IRS wants a
cut for something I lost money on? This will be an accounting nightmare!!!
You will need to keep receipts on everything you might sell on Ebay to prove
you took a loss? Does that mean that the buyer will have to pay taxes on the
purchase also? Double taxation just like on your used car when you sell it.
The 2nd buyer pays taxes on something that has already been taxed. When are
they going to require a tax on my kids allowance?
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