I purchased a Kobo Glo ebook reader frm ebay when it was sold at a very discounted price. The sale was over after a period. And I put it for auction on Ebay. The base price almost close to my purchase price. But then when it ended the winning bid fetched me close to 50% profit even after deducting the Ebay fees. Is this illegal? I understand there probably won't be any consequence for such a one off incident but how unethical do you think it is?
Is it wrong to sell a used product above it's purchase price on Ebay?
- Thread starter justmat
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Do you know how much profit your seller made?
how much profit did Kobo made?
Is thier profit illegal?
Nothing illegal or even wrong about it since its a single personal sale. However any value you earn on top of your purchase price counts as income to you and should technically be included as income for tax purposes. While these kind of transactions cannot be easily traced and there would obviously be no consequences, you would still be technically evading tax if you don't include it for tax calculation.
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