On 08/11/2004, at 3:15 PM, Andrew McPhee wrote:
>> It's only taxable income to the extent that the sale price less
>> expenses
>> exceeds the net purchase price. Probably not much to declare for most
>> of
>> us on our internet sales. Although I have some items that have gone up
>> in value or were fangs to begin with, I suspect liquidation of the
>> stuff
>> I've bought on the web would result in a net loss.
>>
>> Moose
>
> I was just trying to get a bite. My dim memory of this subject concurs
> with what Moose says.
Having worked as a 'sole trader' I'm well aware of all the expenses
that can be inflated - er - factored in. It's not too hard to make a
healthy profit and show yourself to be running at a loss. Even as a
teacher, I've been known to make my accountant nervous. "What do you
mean, I can't claim parking fines!"
AndrewF
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