How do Goldsellers/online money makers do taxes?

Just wondering how it works for people who sell gold or do services etc. I'm a 19 year old college student looking to make some extra money on through this site/rs stuff but don't wanna fuck up with taxes and loses financial aid or get put in prison for tax fraud LOL

 

if it's a small gain just declare it as "misc income" - i forget exactly where it is in the US tax forms, but it should be easy to find. larger companies definitely pay taxes on their income (or should, at least). im sure you can pester them for specifics, but i don't think they apply to you.

tl;dr - dw about it unless you're making 5+ figures

 

I doubt you will make enough money to entitle you to the great privilege of paying taxes. If you do, set up a business in Delaware and avoid it.

 

You only pay taxes on Paypal income if you've made more than $20k through GOODS AND SERVICES. Friends and Family payments are excluded for this.

Source: Worked for a video game "raffle" site and collected more than $80k last year in Friends and Family payments.