If you bought and item on ebay for 350$ and sold it right back for $400 do you have to report it as income?

Question

And how much do you report as income $50 or $400 and $350 in expenses?

Answer 1

Yes, you report the net income, which is $50.  Not that CRA is likely to come pounding down your door for $50, but technically not claiming it is illegal.

Answer 2

Technically yes you are required to report it - it's $400 gross receipts and $350 (or more, including listing fees, selling fees) expenses.

Answer 3

no you dont

Answer 4

haha dont report any sales from ebay as taxable income unless you are making over 10k a year doing it. you wont get in trouble..