reporting taxes

Full Member
Posts: 4
Joined: 24 Aug 08
27 Aug 08 07:17:43 am
let say somebody buys a ps3 from a auction from me they send me a money order and i pay the wholesaler i keep the profit what do i report the profit what does the tax person look at the money order my customer sent me or do they check with wholesaler their informtion they got with me

Free Member
Posts: 2867
Joined: 11 Mar 10
27 Aug 08 01:45:05 pm
Keep all your Purchase records anything you buy in conducting business.
Also keep all of your payment info and your sales records. Your tax preparer will want to see these records when helping you determine profits and losses.

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Full Member
Posts: 10
Joined: 21 Mar 08
2 Sep 08 12:49:30 am
They look at your aggregate Profit or Loss.
If you get audited they will have a hard look at your bank statements and suppliers.

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