I am an Ebay dealer of rare DVD's & video games. Don't get too envious just yet. I earned a whopping $17743 in 2011. That was my profit after expenses, mileage & capital expenditures (buying stuff to resale) etc. The IRS doesn't seem to understand the difference between profit & total gross sales, but that isn't the half of it. They seem to be considering the figure of $37,876 on my 1099-K form from Paypal as my income! This is the total amount of money I took in for 2011. Of course, a substantial amount of this figure is shipping charges paid by buyers & then spent by me to ship the items. I am astounded that the IRS could be this incredibly stupid, but they are saying I owe taxes on this $37876.
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