Do I have to pay taxes on money that I made online that was transfered to my bank account?
08. Aug, 2011 
1 Comment
Question by airsoftcoolkid: Do I have to pay taxes on money that I made online that was transfered to my bank account?
I made some money online and transfered the money to my bank account via alertpay. Would I have to pay takes on the money i just made?
So if I made online, I would have to pay taxes to the IRS correct?
Best answer:
Answer by v b
Of course. It’s self employment income and reported on schedule C. If it’s more than 0, you owe SE tax as well.
This is true whether you transfer the money to your bank account or not.
Give your answer to this question below!
The money you earned, less costs, include in costs anything you paid for goods, would be taxable income. The fact of it being transferred to your bank proves you got the money but does not take into account any offsetting costs.