do you make a living off ebay?

[AdolfOliverBush]

Most of you guys probably make your living off of me! Hahaha! I buy too many CDs.

But when I was going to school in L.A., I would occasionally go to different music stores looking for CDs for myself first and then if it was something I had, buy it and sell it. But now the only stores around me are Wherehouses and those fucking suck. They mix in their used CDs with the new ones and I just don't have the patience to search through them all, especially if they don't even have anything. Plus, Wherehouses either don't carry that many used CDs anymore or people just don't sell them back to the Wherehouse anymore. And a lot of Wherehouses are going out of business.

I remember this one music store I went to out in L.A. before I started listening to bay rap. They had this bin full of about 20 Andre Nickatina- Raven in my Eyes CD sealed for about $5 a piece. When I learned who he was and that that CD would get about $20-$40 on Ebay, I went back for them but the store went out of business. Fuck!

 

[Viet Loc]

eBay Is definitely supporting me right now through college. Hours are flexible and being a collector and connoisseur of Bay Rap myself, I enjoy doing this 100000x more than flipping burgers or standing behind a cash register

 

[NO LOVE]

yea i enjoy bein on the computer slangin instead of bein on the streets watchin my back ebay any night of the week 4 me

 

[JFL023]

Do you guys think the IRS will come back and tax us on the shit we sell on eBay? It's always on the back of my mind when tax season comes!


While, doing my taxes this year I noticed a section on the forms asking if I made any internet purchases out of state during the past year. Did any of you guys fill in your internet purchases estimate??

 

[NO LOVE]

yea i been thinkin of that shit too

 

[mR.SiPpYGeTiPpY]

yeah ebay, netsounds, gemm, musicstack, amazon (zshops n all), fuckin saturated recently.. I've picked the worst time to start sellin cds.

haha lol. if the tax man pays you a visit... you ----> job centre. lmao.

Viet Loc i see you won that Soul Jackers cd for $50! damn thats a bargain.

 

[JFL023]

I asked my Accounting Professor, who is a CPA, said that the only time you are required to file income made from eBay is if you are a licensed business. So sellers like Rapbay, must file for taxes, pay their yearly business licenses, etc... unless he's doing all of his business without a license. That would be crazy if he was doin that lol!

I am also wondering why some sellers on eBay charge tax on an item!? I understand if they are a business and in operations locally, but if they are selling shit out of their house and charge us tax then what is the purpose unless they pocket the extra money!?

 

[Viet Loc]

Viet Loc i see you won that Soul Jackers cd for $50! damn thats a bargain.

Haha yeah, the price was a little steep for me but I couldn't resist

 

[bigball44]

if i didnt need da insurance at my full time job i would do ebay full time all da time and i think i could make it if i devoted all my time and effort to it, BUT SINCE I GOT A FAMILY, INSURANCE OUTTA POCKET IS SO EXPENSIVE I NEED MY FULL TIME JOB FO IT, BUT ON DA FLIPSIDE IT IS NICE MAKING EXTRA LOOT ON DA SIDE FROM EBAY AND NOT HAVING TO SET UP ALL WEEKEND LONG LIKE A YARD-SALE , THAT IS WHY I ENJOY EBAY, EVERYTHING IS DOING IT OUT OF DA COMFORT OF CHO HOME.

 

[Grim]

i have been filing, it had been way too much income not to of been filing. Any income over $8000 (this isnt PROFIT, this is money received) a year is required to be filed by the IRS. regardless of its the internet, garage sales, anything. If a person didnt have to file unless they had a business license, dont you think everyone wouldnt acquire one and just sell on ebay. You file under self employment, which sucks DICK cuz you have to pay self employment tax which is about 15.4% or some shit, I didnt like coughing up the money a few weeks ago just like i didnt like doing it the year before either.

Joe i would check with another acccountant and tell him exactly what you do, that you buy shit and then turn around and sell it as a profit. You should be okay though, banks only report shit to the IRS if you have a withdrawl of $10000 or over like $10000 deposit in a 48 hour period or some shit, dont quote me on that, its been a long time since i researched it but the info is readily available on the internet on what banks are obligated to report to the IRS, otherwise if you just deposit the money into your account, your bank has nothing to do with the IRS and would assume that you were filing just like any good american should lol.

I filed just to be safe and had enough capital losses, etc to swindle the amount owed down to not very much each year, otherwise i probably wouldnt have

Joe did you explain to him the type of level you were racking in money, its not like the old grandma that is selling an item or 2 on ebay a year, etc.

 

[Jar]

what have you been up to Grim?

 

[Grim]

shit chillin, i work down in the "L" now, still got a crib in KC, got one down there also off of haskell up in the projects (edgewood) lol. nice lil low income housing shit, its chill though, my girl stay up in there, thats where i mainly be at...been kickin it with mike lately, whats been going on with u

 

[Jar]

nuthin. I think someone told me u work in the L now. u work at Amarr,right? u know an asian girl who works there named Von? I usually be up here friday nights still but I'm in KC a lot but holla at me sometime and we can go get our drink on or something

 

[jay deuce]

thats cool! whats the average price on houses there? where i'm at, for a decent house in a nice area is around 400,000 and up. thats for about 1300 sq ft.

Wow the house I'm livin in now is about 1100sq ft in a "decent" hood and it apprases for about 105 or 110.