IRS goes after eBay sellers

San Jose, California – As the April 15 deadline for U.S. private citizens to file their 2004 income tax returns draws near, the government is reminding sellers on eBay that they may have to report any proceeds from sales on the auction site as taxable income.

This could be a surprise to some of the 135 million registered eBay users who consider trading on San Jose-based auction site to be a non-taxable hobby. Complicating matters, eBay says it doesn’t report individual sales figures to the government. Users are responsible to report any profits on their own tax returns.

The amount of money traveling through eBay is big business. $33.8 billion worth of merchandise was sold on the site in 2004, up from $5.2 billion in 2000.

Although eBay pays …

For: Wikinews