What are the rules for buying and selling property for profit?

What are the rules for buying and selling property for profit?
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Answer :

answer:It depends how much money you make. If you make a lot, then you need to send money to the IRS quarterly. If you do it as a side thing, and also are working a rehular job where they take taxes out of your payroll, you can just up the amount they take out a little to cover your earnings in your side business. All the things you mentioned about saving receipts, location are good, also log the miles you drove to get there. If you sell on Amazon, Amazon provides you with a report of what you sold, maybe even a 1099, not sure, at the end of the year for taxes.
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