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Ok... *NM* *LINK*
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Dave, you are a font of misinformation. *NM*
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IRS brings major changes to 1099-K Reporting for 2022
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Ebay question : If using their new "Managed Payments", can you make full or partial refunds as easily and quickly as you could with PayPal? I'm thinking about selling on Ebay again. I've been away from it for a year or so. *NM*
Selling has changed a lot.....plus a new IRS rule.
Thanks. I was aware of some but not all of what you said. I have mixed feelings about doing Ebay again. Still have stuff to clear out but don't need a hassle over "income". Thanks again. *NM*
Wow Dave, that makes me very hesitant to sell on ebay anymore. 2021 I sold well over that amount worth but that includes a bunch of freight too and very little profit. It was nice to thin the herd a bit though! *NM*
One thing I think.....In person show will be on the up swing! *NM*
Dave, you are a font of misinformation. *NM*
Let me know where....here or e-mail me....
Ok... *NM* *LINK*
I predict the death of virtually ALL private selling on Ebay, only businesses will remain. Not just models, everything. *NM*
I've sold on Ebay for about 25 + years and canceled my ebay selling acct and all auctions Dec 30, 2021. For all the exact reasons Dave said. Dave I for one am glad you put it out there. Anyone can do an internet search and see that you are spot on. Nice try John!!!!! *NM*
I am not trying to stir trouble........
Re: I am not trying to stir trouble........
That is state SALES tax that is collected, not your INCOME tax. *NM*
My kids gifted me $400 "spending cash" for Christmas by depositing it in my Paypal acct. They forgot to click on family member rather than goods and service. Aprox 30 seconds later I received an email from paypal requesting I update my tax ID number! *NM*
A suggestion about your PayPal $ gift from your kids.Send it back to them as a "refund" and then wait a week and have them resend it marked as "family member" on PayPal or just send you a check with the "For" line marked as "gift" and make a copy or scan it before depositing
Thanks for giving me enough info to look into it myself. *NM*
Yes Just seen a show on this,If you sell stuff and use electronic payment the Gov will track it. Be it yardsales, craftshows, online. Thats what 5G is going to bring us. *NM*
5G has nothing to do with it, The change to the tax code was signed into law as part of the American Rescue Plan Act, the Covid-19 response bill passed in March. *NM*
Link to NBC news article. *NM* *LINK*
I do not see how gross receipts could be categorized as "income". Assuming the intermediary - ebay or paypal or other - collects out any sales tax, the gross merchandise payment is still not all income. Income is only the amount in excess of cost for the seller. I know
Sounds like it's the record-keeping, reporting, and having to show costs that might be a problem. Sounds like you'll have to document your costs and expenses more than I'd care to, since I'm just wanting to clear closets of old stuff I've accumulated. *NM*
One CPA kinda admitted it will require an accountant to get things filed......
Yeah, and how many folks have records of costs of old stuff they have had for years and are selling at garage sale prices bringing even less than they are marked as the day(s) of the sale winds down? I have that problem with MANY books I could sell. I bought a few at full
Exactly. A few items might sell for more than original cost, but most won't. I just want stuff to go to a good home where it might be useful. Don't want to make it a job or business. *NM*
How do you prove today that I bought a mint 1969 AMTronic kit at Toledo for $100???
The IRS is dumb for collectibles and the penny ante things we trade...
I've had more grief from (NY) state tax people over the years than IRS. Bunch of little Napoleons trying to sink their hooks into every available cent *NM*
This post may not be popular, but you always had to pay income taxes on yard sales, ebay sales, bartering, etc.. Most people don't but with the technology today maybe they can. Don't forget that there is probably at least a billion dollars in sales that happen on ebay during
We’ll Rich if that’s the way it will be I will stop selling on eBay because it’s not worth the trouble. I’ll still buy but will sell somewhere else if at all. *NM*
