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6/3/2013 5:58:03 PM
2
You're confusing "profit" and "income".
You pay taxes on income, not profit.
So the game you bought for $60, and sold for $10, would be counted as $10 in income.
Now, there's a separate area, deductions, where you can deduct many expenses from your taxable income. This is where you would put the value of your cost to make/acquire your products. In this case, $60.
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Edited by A Painful Crap: 6/3/2013 6:22:37 PMHow exactly would you make these deductions? Is there a type of tax form where you list any possible deductions? And also, how do they check if you're being honest about those things and not just making up expenses to lower your taxes?
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Get turbo tax. It'll walk you through it. I'm no tax expert. If you got audited, you would have to have the receipts showing what you paid.
