01-07-2009 08:44 PM
05-08-2016 06:30 PM
09-20-2016 04:03 PM
I just got the same letter for 2014 I host a group buy in. I'm the sucker that just agreed to be helpful. How did your issue turn out ? I am freaking out. I had no idea I collected money and purchased the goods and sent them out to thise that purchased 😞
10-01-2016 04:59 AM
12-14-2016 03:53 PM
do you have to meet both in order for the 1099 to be issued?
-make over $20,000 AND over 200 items sold. or do you only have to meet one of them?
i think most people meet the 200 but not the $20,000. where do those people fall in the 1099? do they get one or not? just curious. thanks
12-14-2016 05:32 PM
12-14-2016 05:41 PM
02-23-2017 10:19 PM
You probably will not see this reply, but I appreciate your taking the time to explain this to us. I've never sold anything on eBay, but I have thought about giving it a shot.
03-09-2017 06:39 AM
Ebay just reported my ebay sales to the IRS for 2014 and 2016. The IRS is demanding their share. Its a whopping 40% tax!!
03-09-2017 01:00 PM
@airborne7395jm wrote:Ebay just reported my ebay sales to the IRS for 2014 and 2016. The IRS is demanding their share. Its a whopping 40% tax!!
You should have been reporting your sales all along. How big is the penalty? Not the tax, but the penalty for not reporting.
05-05-2017 06:45 PM
I've been using eBay for a few months now. If I'm correct, you do not receive any tax forms, unless you make at least $20,000 or 200 payments within that year. (Although I'm wondering what it means when one has to make "200 payments".) However, I have been required to pay my fees whenever my monthly invoices are posted. Are the fees reported to the IRS? And I know that you wouldn't receive 1099-K forms (unless the aforementioned conditions are met); but would you still receive any kind of tax form for any income you make with eBay sales, nonetheless? And if so, will they be automatically reported to the IRS?
05-05-2017 06:51 PM
05-05-2017 06:54 PM
Okay; but how do I do that?
05-05-2017 07:37 PM
05-27-2017 01:39 PM
Ebay and all other online selling platforms issue 1099's which are for reporting misc. income to the IRS -- IF -- you earn $20,000 AND have 200 or more transactions!
Therefore, keep accurate records of the following for a tax reduction (IRS for Schedule C business expenses) to accurately reflect your income:
- Amounts paid for postage
- Amounts paid for inventory (sold items and unsold items you will not longer sell)
- If and or when I reach the thershold I am subtacting 50% for my own cell phone (not the entire family plan)
- If and or when I reach the thershold I am subtacting 50% for my internet fees (not the entire family plan)
- eBay (and other seller platform you use) fees
- PayPal fees
- Supplies you actually purchased
- Milage (as of 2016 it was 54 cents a mile) for buying and/or pick up trips for items you sell (there are some decent tracking apps for that otherwise you need to keep very good paper records just in case you are audited)
NOTE: There may be other income or expenses that apply to your unique situation. I am not a tax accountant or tax attorney or IRS representative.
Also, tax laws and rules change annually. THEREFORE check with an actual tax professional you trust and/or www.irs.gov directly for the most accurate information.
ALSO, keep in mind your income from this adventure may be subject to STATE INCOME TAXES (if your state collects) and perhaps Sales Taxes.
06-23-2017 08:24 AM
ITS TRUE IF YOU SELL OVER 20,000 AND 200 ITEMS IN A YEAR PAYPAL HAS TO REPORT IT.
i JUST GOT A LETTER FROM IRS FOR 2015 TAX YEAR SAYING I OWE 21,000 INCLUDING FEES.