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Old 09-23-2021, 06:54 PM   #31
nbr3bagshotrow
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Originally Posted by jeremydmc View Post
True, but those are all store fronts and have a business license with the state. Me selling a couple things a year is not a business. I do not rely on it for a living wage.
If you make more than $20,000 in gross sales and have 200 or more transactions on eBay, you should receive a 1099-K form reporting this income to the IRS.
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Old 09-23-2021, 07:29 PM   #32
ivory7777
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i need to learn how to sell on other places like facebook. usually i sell small stuff on ebay like trading cards but this time im selling few statue that can easily cost a lot. i know i just sold Mai few months ago for 1500+. not sure if they will send me 1099k form. i heard paypal also doing that, so how does that work. will i be getting form from both ebay and paypal?
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Old 09-23-2021, 07:49 PM   #33
gagaliya
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eBay is a cesspool and as a seller it’s completely dependent on luck. I had buyers who say the statue arrived broken 4 weeks after receiving it when it’s obvious he dropped as the damage(dozens small pieces) is impossible from shipping when it’s secured in original styrofoam.

Also had buyer demanding 30% back because I “scammed” him by not including the base as pictured….by base he meant the plastic turntable I put my statue on to take pictures….

Then there are the buyers who are very nice and said they are so happy with the statue…only 4 months later do a direct chargeback on cc without any word.

In each of those case it’s always the seller that is fked, because eBay always side with buyer, and factoring in the shipping to and from buyer for return which seller has to pay, you might as well just give them the credit they ask.

I ran some numbers, after all this bs and fees, I am far better off just sell it at a cheaper price on those forums to long time collectors who won’t scam me instead of losing money on eBay.

On top of all that, eBay reports your sales to irs, so you have to spend hours on tax return to list out your cost basis….sale price, profit etc…who the fk remembers…it’s just not worth it
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Old 09-23-2021, 08:20 PM   #34
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Unless it's a grail piece or it's way (like WAY) below retail, I've gotten no traction on social media selling sites. Ebay, even with the risks and fees and whatnot, has still been the most successful for me.
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Old 09-23-2021, 09:30 PM   #35
cocomonk22
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Originally Posted by nbr3bagshotrow View Post
If you make more than $20,000 in gross sales and have 200 or more transactions on eBay, you should receive a 1099-K form reporting this income to the IRS.
They will be changing it to $600 regardless of number of transactions starting 2022.
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Old 09-23-2021, 09:33 PM   #36
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I can say I’ve been pretty lucky in the past 16 years buying/selling on eBay. As an occasional seller I always make sure to insure the item for the actual amount and pay for signature receipt. I’ve had buyers try to scam me with excuses like damage, allergies, not as described, etc., but have always been able to show enough proof to eBay to win in the end.

Once I had PayPal take funds directly out of my account due to a BS buyer claim, I decided to go straight to my bank and tell them I did not authorize the debit…got my $$ back from PayPal via my bank!

Also had a buyer from the UK claim damage, I sent a label purchased from UK post (I’m in the US)…you know how hard that is to do. In the end the buyer went silent and never used the return label, he lost the case and then I had to deal with the hassle of getting the UK post to return the $275 shipping label money.

As long as you’re willing to put the work in and know how to work around these thieves everything should work out in the end.
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Old 09-24-2021, 11:28 AM   #37
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They will be changing it to $600 regardless of number of transactions starting 2022.
Not the same issue. Thatís just reporting transactions not for income..
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Old 09-24-2021, 11:50 AM   #38
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Sounds like it is reporting income as well to me not just transactions.

"Up to 2021, sellers and gig workers using platforms like Etsy, Uber, eBay, VRBO, Airbnb, and many others only received a 1099-K if their sales were greater than $20,000 AND they had more than 200 transactions. Beginning in tax year 2022, users who earn $600 or more through these platforms will receive Form 1099-K (matching the threshold for sending Form 1099-NEC). The minimum transaction requirement is gone, which means that just one sale, property rental, or service performed for $600 will generate Form 1099-K for tax year 2022 and thereafter."

Per IRS website

"A Form 1099-K includes the gross amount of all reportable payment transactions. You will receive a Form 1099-K from each payment settlement entity from which you received payments in settlement of reportable payment transactions. A reportable payment transaction is defined as a payment card transaction or a third party network transaction."

As I read it, as soon as you have more than $600 in sales on eBay (Which is easy by selling just one statue) it will all be reported to the IRS and you will have to add it as income and be taxed.

Maybe I am reading it wrong, I'm no tax expert.
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Old 09-24-2021, 12:11 PM   #39
candyrocket786
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Quote:
Originally Posted by jeremydmc View Post
Sounds like it is reporting income as well to me not just transactions.

"Up to 2021, sellers and gig workers using platforms like Etsy, Uber, eBay, VRBO, Airbnb, and many others only received a 1099-K if their sales were greater than $20,000 AND they had more than 200 transactions. Beginning in tax year 2022, users who earn $600 or more through these platforms will receive Form 1099-K (matching the threshold for sending Form 1099-NEC). The minimum transaction requirement is gone, which means that just one sale, property rental, or service performed for $600 will generate Form 1099-K for tax year 2022 and thereafter."

Per IRS website

"A Form 1099-K includes the gross amount of all reportable payment transactions. You will receive a Form 1099-K from each payment settlement entity from which you received payments in settlement of reportable payment transactions. A reportable payment transaction is defined as a payment card transaction or a third party network transaction."

As I read it, as soon as you have more than $600 in sales on eBay (Which is easy by selling just one statue) it will all be reported to the IRS and you will have to add it as income and be taxed.

Maybe I am reading it wrong, I'm no tax expert.
Well if this passes, it won't matter what eBay/Paypal reports because your bank will report all your activity to the IRS. So we all get screwed equally

https://www.americanbanker.com/news/...en-budget-plan
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Old 09-24-2021, 12:28 PM   #40
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WOW! Big Brother just keeps getting Bigger.
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