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I've got selected to submit documents. Im currently collecting unemployment and I also sells goods and clothing on ebay, poshmark, and other similar platforms. Although it may not be a steady flow, deposits are shown on my checking account every other week or so (not weekly). Would and can this be considered income? Thanks for any comments, suggestions or recommendations.
I guess you will soon find out if it counts as income. The agents are trained to look for hidden income and assets. So you will have to explain each deposit that isn't part of your regular employment or unemployment.
What I don't know is, suppose you sell an item for, say, $100. That $100 will show up in your bank account or Venmo. But let's say you bought the item for $50 online and then sold it for $100. Your profit is only $50, not $100. So how would you go about proving that?
In other words, when does your side gig become an actual gig that needs to be documented?
I agree with CityGal that you need to submit everything and see what happens. Best of luck, and please let us know what happens. Many people here are in the same boat.
Besides having a full time job, I also sell online and was asked to submit documentation where I have purchased the items I sell. So to answer your question, revenue is not counted as income - profits are.
Are you selling items you bought specifically for resale or are you decluttering your house and selling personally used items?
If both, keep these sales separate; possibly use two different ebay accounts.
If the former, keep a ledger and proof of purchase for these items.
Mainly resale, I'd like to use these sales towards my income if possible. How would this work? My unemployment alone is fairly low and I JUST met the income qualifications for the lowest bracket.
Besides having a full time job, I also sell online and was asked to submit documentation where I have purchased the items I sell. So to answer your question, revenue is not counted as income - profits are.
So if an item is purchased for $100 and sold for $150, only $50 would be considered income?
No I haven't filed any taxes on the side gig. My overall gains are not sufficient, just a little extra spending money
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