Nemo Posted January 18, 2006 Posted January 18, 2006 also how do USA taxes come into play. I am 16 and the account is in my name. This is going to be the first year i file taxes so... If you are doing this as a business, you'll have to keep pretty good records keeping track of all your costs and sales. If you are just getting rid of a few items around the house I wouldn't worry about it. Let;s say you buy something for $5, sell it for $10 and had $3 in credit card and PayPal fees. Your profit is $2 and that gets reported as income. Check out Do You Need to File a Federal Income Tax Return?. Also check out the FAQ at the IRS site FAQ Share this post Link to post Share on other sites More sharing options...
Arkadiy Posted January 18, 2006 Posted January 18, 2006 When you sell stuff on things like eBay, you just pay for that little fee yourself, it goes straight out the money you send, tell them and they won't bid, I have been selling stuff for a long time and the best thing that worked with me so far is by offering: Free shipping Start at $0.01 People see that and would like it over the same item that offers like $2 shipping even if mine is like $5 ahead of that one. Share this post Link to post Share on other sites More sharing options...
BionicSniper Posted January 18, 2006 Posted January 18, 2006 yes but i am going to sell this stuff on this site first i just want to make sure i have everything set up first. I talked to a teacher who sells a ton of stuff and he says dont worry about it. Share this post Link to post Share on other sites More sharing options...
Uber Posted January 18, 2006 Posted January 18, 2006 you cant have a credit card at 16, simple as that. i didnt do taxes intill last year out of 3 years of working. they wont come knocking unless your making 10k Plus you can get a credit card if you have a parettn cosign on it... bluecow, you made a mistake about not filling taxes. If they are taken out of your paycheck and you make less than...5400 I think, you get all of that money back. I hope you were making more than 5400 or that taxes weren't taken out of your paycheck. ^^^ very similar here in Canada, if you make under (i think its 8K) you get it all back when you files taxes, also if your under 18. Doesn't PayPal require you to be 18 before you can legally open an account with them? Nope. just a bank account, or a CC Share this post Link to post Share on other sites More sharing options...
Fireonice Posted January 18, 2006 Posted January 18, 2006 Ya and dont find out the hard way like i did and have them have to send your money in a check beucase your not old enof to be able to send or use money online.... Share this post Link to post Share on other sites More sharing options...
BionicSniper Posted January 19, 2006 Posted January 19, 2006 me and my dad have the same name too.. My debit card is technically his but i have control of the account (it is also at a different bank than my parents) also just got my w2! i made 4017 so i get all 167.75 back that was income tax. so that puts me that much closer to my new computer Share this post Link to post Share on other sites More sharing options...
habitual geek Posted January 21, 2006 Posted January 21, 2006 you cant have a credit card at 16, simple as that. i didnt do taxes intill last year out of 3 years of working. they wont come knocking unless your making 10k Plus but why would you not file? at your income/age level, you would get 99% of what you paid in back in a check!! unless you file 14 exemptions throught the year that is, in which case they dont with-hold taxes Share this post Link to post Share on other sites More sharing options...
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