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How to start tf2 selling/buying of keys with money


Commet trade.tf

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Hey my name is saen, recently i've saved up around $50 usd and i want to try my hand in the tf2 key trading scene. I understand the best way to sell keys is by using paypal.me but when it comes to buying the keys i'm not sure how it works, i know that some traders buy keys for 1.70 - 1.75$ but then sell it around 1.90-2$. When you send money to someone don't you get taxed? Can someone tell me how these traders make profit if they get taxed when they buy keys from people?

 

*note* Sorry i just realized the title is misleading, i mean to write How do you start. I apologize to anyone that was mislead.

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Depending on where you live there may be different tax codes.

 

Generally, you are right. If you are making profit then you have to report it (to the IRS for instance if you live in the US) as taxable income. Paypal will even send your information to IRS, and send you tax forms if you exceed a certain number of transcations or a total amount in a given year. Even steam does that.

 

Also, it is also not easy to buy keys for $1.70 then sell them back for $2. Considering the risks involved (chargebacks), and given the small amount of money you may potentially make, I don't think it is worth the headache.

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Can someone tell me how these traders make profit if they get taxed when they buy keys from people?

Generally, you are right. If you are making profit then you have to report it (to the IRS for instance if you live in the US) as taxable income. 

 

Filing taxes under the self-employed category can be pretty complicated. Won't really go into all that here, but it's generally not a concern because in most places you don't have to file taxes if you are earning under a certain amount per year (most traders don't meet this criteria because they are still in school / dependents of their parents). You'll have to figure out what the threshold is for wherever you live as it varies quite a bit. 

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Not to mention the strict rules PayPal has. 

It often happens that people have their account frozen for 2 days because of a transaction to Steam for $4.99 as 'Suspicious activity'. Probably just a random pick or something. 

 

I prefer just to trade with items.

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