Just trying to get some useful information on how gameflip does taxes. how much do you need to make before you start paying taxes on it, thanks
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Tax is with the government. You have to declare / file it with your government entity depending on your local tax law. Gameflip currently does not withhold any taxes. This may change in the future if the law requires it (US law because that’s where Gameflip is based at).
For the US (where I’m at), you’re supposed to track your earnings and file it with the IRS. Gameflip doesn’t generate any 1099-K at the moment.
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thanks for all the information! do you happen to know if selling items counts as unearned income or earned income? new to selling things online haha.
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Straight from the IRS on what’s considered unearned income: Unearned Income
If you ask me, I would say income earned from selling is considered “earned income”.
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cool thank you!!!