Not really relevant but if I was going to give out my bank account # it sure as pop-tarts would not be to eBay. When they switched to managed payments that was the end for me.
Not that my few hundred USD's a year meant anything to them or me I now throw out my used DVD's and other used physical Digital media. I keep some of that stuff of course, like anything that is great condition, but much of it I purchased used (bulk type buys)
It's the singer not the song - Peter Townshend (1972)
Not really relevant but if I was going to give out my bank account # it sure as pop-tarts would not be to eBay. When they switched to managed payments that was the end for me.
I opened up an account with Ally bank just for eBay deposits. I drain it every week, just in case eBay tries to place any bogus "holds" on any of my sales. I trust eBay about as much as I trusted Paypal. Keep your account balance low at all times and they won't be able to rip you off.
I opened up an account with Ally bank just for eBay deposits. I drain it every week, just in case eBay tries to place any bogus "holds" on any of my sales. I trust eBay about as much as I trusted Paypal. Keep your account balance low at all times and they won't be able to rip you off.
Same here, I opened up a separate account at a whole different bank just for my ebay sales. It's a nice little honey pot away from my "family money".
I just received an eBay 1099 for the first time. Maryland resident, $5,800 of sales, 49 transactions. Is it because I am a MD resident that I am getting one having below $20K of sales?
Also, it is cool that they break out the sales by month but I'm having trouble reconciling my records to eBay's. January and February tie out exactly but it gets murky after that. Is there a report I can download from eBay to tie to the 1099?
@BaltimoreYankee said:
I just received an eBay 1099 for the first time. Maryland resident, $5,800 of sales, 49 transactions. Is it because I am a MD resident that I am getting one having below $20K of sales?
Also, it is cool that they break out the sales by month but I'm having trouble reconciling my records to eBay's. January and February tie out exactly but it gets murky after that. Is there a report I can download from eBay to tie to the 1099?
From what I could find, it looks like Maryland, Massachusetts, Mississippi, Vermont, and Virginia were already set at the $600 threshold for requiring a 1099-K for ebay sales.
@Norcal said:
I got this message from eBay stating I got an Incorrect 1099-K form. Weird.
“A recent technical issue resulted in a 1099-K form being incorrectly provided to you. Please disregard the incorrect 1099-K form. The incorrect 1099-K form was not sent to the IRS or California Franchise Tax Board.
We’re working to resolve the issue and ensure that it will not happen again. Unless you had more than $20,000 in gross sales and 200 transactions in 2021, we will not submit a 1099-K form to the IRS or the California Franchise Tax Board.
We sincerely apologize for the error and any inconvenience this may have caused.
As always, thanks for selling on eBay, and for being part of the eBay community.
From what I could find, it looks like Maryland, Massachusetts, Mississippi, Vermont, and Virginia were already set at the $600 threshold for requiring a 1099-K for ebay sales.
Thanks, Jeff. Since you posted this I dug a little deeper as well and that does seem to be the case with the 5 states. I was able to trace back all of my sales reported on the 1099 and developed a spreadsheet of cost, profit, etc.
95% of the sales are long term holdings so I guess that means capital gains. Of course, I don't have receipts but I have been keeping hobby buy/sell records since 2012.
@craig44 said:
I am wondering how "official" a receipt has to be. at card shows, for instance, would handwritten on notebook paper and signed be sufficient? does it need to be an actual printed receipt?
This would depend on the particular IRS auditor, if it ever got to that phase.
Great now we must pay sales tax on top of feebay fees and when selling something you don't have receipts for it's taxed as 100% profit such as coins and cards etc?
thats insane , so did you have the receipts for all the cards ? lol itemized ?
my accountant is going to kill me
Those doing it as a businesses i would hope have detailed records. Many of those doing it as hobby will get crushed.
IMHO the 600 threshold should at least go step in step with inflation. When 600 when instituted decades ago it went a lot further than today. But like all taxes it's ultimate goal is to hammer those without wealth. 1%'ers aren't garage sale selling in effect a few K of goods on eBay.
It's the singer not the song - Peter Townshend (1972)
thats insane , so did you have the receipts for all the cards ? lol itemized ?
my accountant is going to kill me
Those doing it as a businesses i would hope have detailed records. Many of those doing it as hobby will get crushed.
IMHO the 600 threshold should at least go step in step with inflation. When 600 when instituted decades ago it went a lot further than today. But like all taxes it's ultimate goal is to hammer those without wealth. 1%'ers aren't garage sale selling in effect a few K of goods on eBay.
Comments
If u are in the 40 percent tax bracket that add on could be $224 in taxes wtf
https://en.wikipedia.org/wiki/List_of_Major_League_Baseball_players_from_Panama
How is 40% of $140 anything close to $224?
Well I never got one, thought for sure I would. Shhh….don’t tell anyone. 😂😂
Didn't he buy for $140 and sold for $700?
https://en.wikipedia.org/wiki/List_of_Major_League_Baseball_players_from_Panama
No the profit was $140. Had over $500 in them. 👍
Same here.
Successful Trades: Swampboy,
Double check your seller's hub. I didn't receive one in the mail, but I found mine there.
I went to sellers hub, clicked on taxes. 1099-K, says no form available for 2021 tax year. Same for tax year 2020. Correct?
Not really relevant but if I was going to give out my bank account # it sure as pop-tarts would not be to eBay. When they switched to managed payments that was the end for me.
Not that my few hundred USD's a year meant anything to them or me
I now throw out my used DVD's and other used physical Digital media. I keep some of that stuff of course, like anything that is great condition, but much of it I purchased used (bulk type buys)
It's the singer not the song - Peter Townshend (1972)
I opened up an account with Ally bank just for eBay deposits. I drain it every week, just in case eBay tries to place any bogus "holds" on any of my sales. I trust eBay about as much as I trusted Paypal. Keep your account balance low at all times and they won't be able to rip you off.
Were in sellers hub do you see tax info?
Successful Trades: Swampboy,
I found it
Successful Trades: Swampboy,
Same here, I opened up a separate account at a whole different bank just for my ebay sales. It's a nice little honey pot away from my "family money".
I just received an eBay 1099 for the first time. Maryland resident, $5,800 of sales, 49 transactions. Is it because I am a MD resident that I am getting one having below $20K of sales?
Also, it is cool that they break out the sales by month but I'm having trouble reconciling my records to eBay's. January and February tie out exactly but it gets murky after that. Is there a report I can download from eBay to tie to the 1099?
From what I could find, it looks like Maryland, Massachusetts, Mississippi, Vermont, and Virginia were already set at the $600 threshold for requiring a 1099-K for ebay sales.
I also got this message from eBay
MULLINS5,1966CUDA,nam812,nightcrawler,OAKESY25,PowderedH2O,relaxed,RonBurgundy,samsgirl214,shagrotn77,swartz1,slantycouch,Statman,Wabittwax
Thanks, Jeff. Since you posted this I dug a little deeper as well and that does seem to be the case with the 5 states. I was able to trace back all of my sales reported on the 1099 and developed a spreadsheet of cost, profit, etc.
95% of the sales are long term holdings so I guess that means capital gains. Of course, I don't have receipts but I have been keeping hobby buy/sell records since 2012.
State Threshold Effective
AR $2500.00 starting 2020
DC $600.00 starting 2020
IL $1,000.00 starting 2020
MA $600.00 starting 2018
MD $600.00 starting 2020
MS $1,000.00 starting 2020
NJ $1,000.00 starting 2020
VT $600.00 starting 2018
VA $600.00 starting 2020
Of course starting this year (tax year 2022), the threshold is $600 regardless of number of transactions for all states.
This would depend on the particular IRS auditor, if it ever got to that phase.
That $600 gig is Insane.
I wonder how much this will hurt ebay?
Terry Bradshaw was AMAZING!!
Ignore list -Basebal21
While this is not of their doing they do more than enough to nicely hurt themselves on their own.
It's the singer not the song - Peter Townshend (1972)
Great now we must pay sales tax on top of feebay fees and when selling something you don't have receipts for it's taxed as 100% profit such as coins and cards etc?
This is what mine looked like.
Congrats GOBUCKS. You are doing very well !!! You are very wealthy !!! Oh hell yeah !!!
thats insane , so did you have the receipts for all the cards ? lol itemized ?
my accountant is going to kill me
https://en.wikipedia.org/wiki/List_of_Major_League_Baseball_players_from_Panama
Those doing it as a businesses i would hope have detailed records. Many of those doing it as hobby will get crushed.
IMHO the 600 threshold should at least go step in step with inflation. When 600 when instituted decades ago it went a lot further than today. But like all taxes it's ultimate goal is to hammer those without wealth. 1%'ers aren't garage sale selling in effect a few K of goods on eBay.
It's the singer not the song - Peter Townshend (1972)
Hey 82FootballWaxMemorys,
I get what your are saying about this $600 gig...
https://forums.collectors.com/discussion/1068782/anyone-going-to-slow-their-sales-down/p1