I’m retired with Social Security and a state pension. Over the final 30 years I’ve collected quite a lot of “junk” from eBay
EBAY,
+4.66%.
Now, I’m additionally making an attempt to wash out my home, and promote it at price or a small revenue.
With eBay now sending out 1099s, I imagine I’ve to pay taxes on the earnings.
Is it doable to make use of the earnings determine on the 1099, say $6,000, and contribute this quantity to an IRA quite than declare the small revenue and pay taxes? Of course, I’d be developing with the $6,000 to deposit within the IRA and getting the tax deferral.
Determined to declutter
Dear Determined,
All you wish to do is clear out your own home and make a tax-efficient transfer together with your money.
All I wish to do is offer you a clear reply. But I can’t.
Your query is touching a hot-button subject and an open query about what tax varieties and tax obligations small companies and doubtlessly many common folks will face in the course of the approaching tax season.
In its stacks…
2023-01-08 14:30:00 I plan to make $6,000 on eBay. Can I put it into an IRA as an alternative of paying taxes?
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