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I just got offered powerseller status on ebay. Is there any reason to not accept and join?
TheLiberator
Posts: 1,028 ✭✭✭
Just curious if there are any disadvantages to this.
Any help would be appreciated!
Any help would be appreciated!
0
Comments
<< <i>Yes. We make fun of powerscrewers here >>
Yeah.
But I understand most of the time it is people making fun of shady sellers who have the powerseller Icon.
Ok...thanks guys! I guess it is Powerseller status for me then!
<< <i>Make sure that it is a legit offer, and not a phishing scam. >>
See, that was my first thought. So I went directly to ebay (did not use the email in my inbox that came), and it said I was eligible for the "bronze" membership.
The first from eBay is " STATUS"
The second one Russ taught me... "STIGMA"
You can have status but it comes with stigma. They promised to take mine away over a month ago
``https://ebay.us/m/KxolR5
<< <i>Two words come to mind...
The first from eBay is " STATUS"
The second one Russ taught me... "STIGMA"
You can have status but it comes with stigma. They promised to take mine away over a month ago
DOH!
See, I was thinking that as well.
RUSS! Where are you? Can you chime in here too?
<< <i>Just curious if there are any disadvantages to this.
Any help would be appreciated! >>
You don't have to accept the "Power Seller" designation in order to have a rep assigned to you. You will get one, if your sales are more than $1000 per month regardless. I don't see any benefit by advertising to the "IRS" that you are a power seller....
<< <i>If you can maintain thier minimum quota of sales each month go for it! >>
Brother, it's buying and selling and that's not hard.
``https://ebay.us/m/KxolR5
I won't comment further on that point, but I suggest you look into this aspect.
"I personally am just a collector trying to improve my collection, and in this endeavor I will occasionally sell my excess dupes or coins I no longer enjoy. I have no intention of making coin collecting a business." repeat that mantra!
<< <i>
<< <i>Just curious if there are any disadvantages to this.
Any help would be appreciated! >>
You don't have to accept the "Power Seller" designation in order to have a rep assigned to you. You will get one, if your sales are more than $1000 per month regardless. I don't see any benefit by advertising to the "IRS" that you are a power seller.... >>
the IRS would need to do some looking other than just the icon....what does Paypal report to IRS? anything?
<< <i>
<< <i>
<< <i>Just curious if there are any disadvantages to this.
Any help would be appreciated! >>
You don't have to accept the "Power Seller" designation in order to have a rep assigned to you. You will get one, if your sales are more than $1000 per month regardless. I don't see any benefit by advertising to the "IRS" that you are a power seller.... >>
the IRS would need to do some looking other than just the icon....what does Paypal report to IRS? anything? >>
PayPal reports the income you earn from the interest they pay you on your account. (Money Market is currently above 5%) eBay is the one you should be concerned with. Earlier this year, there was an article, that the IRS wants eBay to disclose all sellers with more than 100 sales per year or $5000 sales per year. I'm not sure what happened to that request, but I would presume, that all "Power Sellers" would make that list. BTW ... only sales of $1000 or more per mos. & not a combination of purchases & sales qualify for the PS status.
<< <i>RUSS! Where are you? Can you chime in here too? >>
There is no benefit to me for joining, so I haven't. The problem with Power Seller status is that the threshold is set so low that it has no real meaning.
Russ, NCNE
I knew it would happen.
Hmmm, powerseller tells the IRS I sell a lot and if I don't do the powerseller, the IRS won't know.
What kind of logic is this ?!?!?
I guess if your speedometer is broken, you can go 100 mph. How would the cop know your speeding if your speedometer is broken ??
Secondly, there is more tax fraud by the buyer on ebay. I can sell a coin for $410, the same amount I paid for it, thus no 'gains', thus no taxes. BUT the buyer should be paying his/her STATE sales tax on that item. EVERY buyer on ebay is evading taxes by not claiming internet purchases on their state tax.
<< <i>BUT the buyer should be paying his/her STATE sales tax on that item. EVERY buyer on ebay is evading taxes by not claiming internet purchases on their state tax. >>
Many states levy no sales tax on coin purchases.
Russ, NCNE
<< <i>I just got an offer to become a Titanium Powerseller, and I haven't sold anything for months. Based on all the help I got from ebay the last time I had a serious problem (less than none), I just have to shake my head.
DITTO!
But I have bought a few (5 to be exact) coins recently. Perhaps they could make me into some kind of Kryptonite SpontaneousBuyer!
Leo
The more qualities observed in a coin, the more desirable that coin becomes!
My Jefferson Nickel Collection
<< <i>I just got an offer to become a Titanium Powerseller, and I haven't sold anything for months. Based on all the help I got from ebay the last time I had a serious problem (less than none), I just have to shake my head.
This would be almost certainly a phishing e-mail. Ebay tells me I only need to increase my sales by $113,245 per month over the next 3 monts to become a titanium powerseller. --Jerry
This would be almost certainly a phishing e-mail. Ebay tells me I only need to increase my sales by $113,245 per month over the next 3 monts to become a titanium powerseller. --Jerry
Since that post from this afternoon, I've been "notified" that I haven't paid for some Harley Davidson doo-dads, and now I am running the horrible risk of getting a non-paying bidder notice. The phishing just never stops, does it?
I knew it would happen.
The taxes I pay for selling on ebay have nothing to do with Powerseller status.
One thing about debits and credits... when the books are balanced, the taxes are a percentage of profits, not sales.
So whoever keeps going off topic with that subject, stop it already and tell the man what the benefits of becoming a powerseller are ?
``https://ebay.us/m/KxolR5
<< <i>Hmmm, powerseller tells the IRS I sell a lot and if I don't do the powerseller, the IRS won't know.
What kind of logic is this ?!?!?
I guess if your speedometer is broken, you can go 100 mph. How would the cop know your speeding if your speedometer is broken ??
Secondly, there is more tax fraud by the buyer on ebay. I can sell a coin for $410, the same amount I paid for it, thus no 'gains', thus no taxes. BUT the buyer should be paying his/her STATE sales tax on that item. EVERY buyer on ebay is evading taxes by not claiming internet purchases on their state tax. >>
Not me. I live in Nh. No sales tax
<< <i>So whoever keeps going off topic with that subject, stop it already and tell the man what the benefits of becoming a powerseller are ? >>
I only know about being a low power buyer.
(Priest) BLASPHEMY he said it again, did you hear him?
The Mysterious Egyptian Magic Coin
Coins in Movies
Coins on Television
<< <i>
You don't have to accept the "Power Seller" designation in order to have a rep assigned to you. You will get one, if your sales are more than $1000 per month regardless. I don't see any benefit by advertising to the "IRS" that you are a power seller.... >>
Why would that matter unless someone is not paying their taxes?
<< <i>Just curious if there are any disadvantages to this.
Any help would be appreciated! >>
If a Powerseller has a problem with something on ebay, you get phone help instead of an inappropriate canned email response with a note at the bottom that if you reply to the email no one will see it.
<< <i>
<< <i>
You don't have to accept the "Power Seller" designation in order to have a rep assigned to you. You will get one, if your sales are more than $1000 per month regardless. I don't see any benefit by advertising to the "IRS" that you are a power seller.... >>
Why would that matter unless someone is not paying their taxes? >>
Paying your taxes won't keep you from being audited. Certain red flags (eg Amway) can make it more likely that you will experience an audit.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Sooner or later the state tax office wants to know why people buying thousands of dollars worth of stuff for "resale" never "resell" anything.
I just got this one today. It's obviously a phishing email. Just thought I'd pass it along to alert everyone else...
Dear eBay Member,
You've been on a super sales streak and since you've done so well, it's time to recognize you for your efforts. You are PowerSeller!
Congratulations! joining the eBay Silver PowerSeller Program. Come and join us. When you join the PowerSeller program, you'll be able to receive more of the support you'll need for continued success. So, why wait? Join now!
PowerSeller icon next to your User ID in recognition of your hard work.
PowerSeller Priority Support via email webform and phone support at Silver level and above.
Exclusive offerings on the PowerSeller portal--check in frequently to see updated program benefits and special offers!
Discussion Board for you to network with other PowerSellers.
Free PowerSeller Business Templates for business cards and letterhead.
Membership to the PowerSeller program is FREE.
Again, congratulations and best wishes for your continued success!
Regards,
eBay PowerSeller Team
If you agree with this rank please Become an eBay Power Seller within 24 hours
--------------------------------------------------------------------------------
<< <i>If a Powerseller has a problem with something on ebay, you get phone help instead of an inappropriate canned email response >>
It isn't necessary to join the power seller program to get that.
Russ, NCNE
Fighting the Fight for 11 Years with the big "C" - Never Ever Give Up!
Member PCGS Open Forum board 2002 - 2006 (closed end of 2006) Current board since 2006 Successful trades with many members, over the past two decades, never a bad deal.
AL
Some income needs to be reported, Some are not!
Look at your Federal and States for their reason. Most People have no IDEA.
That is why you have companies that do your taxes for you. They get paid, the IRS gets paid, and you get SCROOGED.
Do it yourself, Know the laws from each state that you have to do business, and don't trust your accountant unless you can do it yourself.
The Gov will make sure you pay more than your fair share, the Accountant will try to under-estimate what you owe, and YOU will still be liable for the ACCT Fees and IF they are WRONG, you only have to pay the EXORBINANT Fees of the IRS. (If you are lucky)
I had the unfortunate opportunity of selling a very nice coin. I bought at $2800, Sold at $3200 Plus Shipping and Taxes I paid, as well as shipping charges to send to the Buyer. Total profit of $370.
On my tax filing I noted the But, here is what the IRS said....We reviewed your case and we find you liable for taxes on the sale of "Such and Such Iem" @ $3200..... I provided the documentation for the price I paid and the price I sold, and they say they have no such record of the particular dealer's ID.
So, even with the documentation, the IRS is coming down on people selling items for a small profit and will tax for the total sale.
How do I address this? I pay my taxes!!
I just look at the item, and check the feedback rating.