mam98031 • Volunteer Community Member • Buyer/Seller since 1999
@wildpitchsports wrote:Perhaps. I do see that there are almost 1 million less baseball card listings and a couple hundred thousand less football & basketball card listings just since Sunday however.
The smart ones will get their ducks in a row and plan accordingly. Like society that number isn't very high lol
That is likely due to the time of year not next year's 1099's. Lots of sellers in lots of categories don't put up new listings during this week before Christmas. They will likely pick up again next week.
They can't stop selling now just because they don't like the threshold changing on the 1099Ks. They have to have some income to pay what they owe in back taxes since they haven't felt the need to inform IRS of their income in previous years.
@assortedcollectibles wrote:
@wildpitchsports wrote:Perhaps. I do see that there are almost 1 million less baseball card listings and a couple hundred thousand less football & basketball card listings just since Sunday however.
The smart ones will get their ducks in a row and plan accordingly. Like society that number isn't very high lol
I wonder if new markets and alternative payment options will arise as a consequence of all of this.
You are aware that this is a LAW, not an option. It applies to EVERYONE that sells on the internet, not just specific sites. As many new sites and payment processors can pop up as they deem necessary. Every single one of them will still have to comply with the LAW.
@maryrn59 wrote:I agree, I have been selling on Ebay over 20 years, I am a collector of all sorts of items mostly antiques and collectibles. I have never gone over the the 20,000 dollar mark. Most of the items I am selling now have been things I have collected over the last 35 years. As many of you know most of these items have been reproduced so have loss value. I paid a high price for many that are worth next to nothing. I purchased them at estate sales and flea markets, so no receipts. I did do this as something to do on my days off and to make a few extra dollars. I'm a nurse and retired this year. I have a large inventory mostly items I purchased and display in my home and decided to sell. With Ebay fees of 21% and now with claiming of $600.00 and anything over is taxed at 28% it will become a loss. Most resale items have already been taxed when the original owner purchased them. Now when you resell they are re-taxed and the government is getting more money on the same item...I can see if you're selling new items and you have to pay tax on them, but the small seller who is selling preowned items should not be penalize, it is those sellers who sell new items make out in the long run. Yes I do pay my taxes and worked for the last 45 years. So now what, stop selling on line, the government is after the small people that try to make a few extra dollars to make ends meet. Out of my social security check I have to pay for medicare and a supplement so basically amounts to nothing not enough to cover my monthly expenses. Just a thought for you to think about.
Ebay doesn't charge a 21% fee in your categories. You have a store and pay 11.7% FVF plus a 30 cent per transaction fee.
What kind of a tax bracket are you in to pay 28% in income taxes??
If you have always claimed your internet income and paid your taxes, what makes you want to stop selling now because the threshold on the 1099K is changing. If you have always claimed the appropriate income, what purpose does that serve?
You should check out the rules for those that are of full retirement age, if you are. And you should read up on when you are selling stuff that you have owned for years. You may be thinking certain things are taxable that are not. You really need to spend some time with research as you have some misunderstandings.
@maryrn59 wrote:According to the law you were allowed to make $20,000.00 without claiming it. Now that it has changed. That's my point...now times are changed with the new administration. If you did not receive a 1099-K you do not have to claim. Read the law...I think you are not thinking about what is really going on.
No and NO and No again. Please provide a link to a law that says that. You won't find it as there is no such animal. The minimum threshold on a 1099K does not mean that if you make less than that you don't have to claim your income. It says that NOWHERE in the law.
The threshold is for the FORM only, not anything else. You simply are reading something into the law that simply is NOT there.
1099Ks are ONLY for online income.
This has NOTHING to do with ANY administration. You are required by law to report your income to the IRS and clearly since you misunderstood the law, you have not been doing that.
You are likely the type of taxpayer that the new threshold was done to catch. So you need to be very careful so that you do not get yourself into trouble with IRS for not paying taxes or claiming your actual income from internet sales.
We aren't the ones that need to read the law.
@maryrn59 wrote:Actually my selling cost areSelling costs
$646.4226.9%of your total salesI couldn't send the original it would not let me copy and paste....
I'm not sure what this means. If you are talking about that graphic that you can get to in your Seller Hub that tells you how much your fees are, you need to look at that graphic a bit closer too as it contains shipping costs if ran through Ebay which is NOT a fee that Ebay charges.
@glasqueene wrote:I'm with you. If you are a small seller like some of us, you sometimes end up with very little profit. What kills me is everyone wants free shipping. Again, some of us cannot afford to that!
After all these years and you still don't understand what Free Shipping actually is???
Free shipping does NOT mean the seller does not have to pay for shipping, it means they roll that cost into the price of the product or AKA Shipping included.
If you are not adding shipping to your costs of a particular product when you are developing the price you need to sell it at, you are only hurting yourself and that is not what Free Shipping is meant to do.
@wildpitchsports wrote:crytoBay
Wallet to wallet web 3.0 transactions. No payment processors. It's in its' infancy right now but better believe someone will make it a higher priority with all this going on.
Someone has to process the payments, if not a money processor then who?
