New level on sending out 1099 from eBay for 2022 ($600.00)

[trading-post-619]

So, this seems to be going around now that the new stimulus bill was signed. on it, ot states, if you make 600.00 you will now get a 1099 not the 20k + 200 trans.

anyone else hear about this?

[slippinjimmy]

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@poorrman wrote:

I’m not a business, things I’ve sold on eBay were a lot of things I bought for myself, now don’t need.  I have a stereo receiver worth about a $1000. Paid  800 for it, spent 300  on it for some repairs. Now if I sell I get a 1099?  I call **bleep** !!!

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You report it as a Capital Gain/Loss, since you sold the stereo for less than you paid for it your Capital Gain is ZERO Dollars.You can add ZERO Dollars to your taxable income which will mean that you will pay ZERO Dollars in taxes on the sale of that item.

Just keep in mind, you cannot deduct the Capital LOSS from  your other taxable income.

[cw88deer]

Yes, it is more Biden moves to tax us even further.

[susanny9]

Well isn’t this what everyone voted for?  Election have consequences- this is one of them.

[socrates349]

Almost any small seller should be able to show a net loss via the home office deduction and/or vehicle expense and depreciation.  The government is relying upon the ignorance of most taxpayers.  

[dryophelia]

@cw88deer 

19 years on eBay, 8000+ selling transactions and you have never claimed that income/loss?

P.S. The “new” change to issuance of the 1099k is a welcome feature to those who have been lawful with their online sales. They now have a document to compare their hand records to. USA sellers have always been required to report their income/loss, even without having received a 1099k. 
Nothing has changed about reporting. Income/loss has always been required. 

You are not the first, nor the last, to have assumed the lack of the 1099k meant it was free money. 

What ever political party you choose to blame for this is your business. Know that when IRS finds you, you’ll have at least one year of documents to show. 
Going back with your pencil and calculator on any other years they request will not be as easy. 

[kosmosattik]

Even in just this one thread there is evidence as to why the reg was changed--tax scofflaws abound.

[df06235]

OMG, really?  Yes, I claim my income - you obviously totally misread that.  Hence the reason I don't say much on these threads.  Not only is it ridiculous to continuously tax products sold over and over, at least before we had a 200/20K rule of selling of online products. That is what I am complaining about - now an individual who just wants to sell a couple items from their house is going to have to pay taxes on that and they won't like that. For me I have had to claim my online sales for Many years and I have my taxes to prove that!   

[df06235]

Sorry, didn't realize I was on my son's id.  Yes, I, cw88, pay taxes  on ebay sales and I have the tax stmts to prove it .

[newlifeforoldstuff2]

Oh puh leeze ( I love how people mangle English)  Your statement does not change the fact that people were always supposed to report income and pay taxes on profit. 

[dbfolks166mt]

The OP is over 6 months old. 

[32tedrick]

You must not be Italian.

[aspiritualjourney]

Yes. It begins in 2022.  Keep good records for tax time.  If you are a casual seller, it shouldn't make much difference but if this is your business, you probably were or should have been reporting this whole time.  I personally think the jump from 20k to 600 is crazy!

[wildpitchsports]

Yup. Lots of sellers will be leaving after 12/31/21. The white tax knight cheerleaders on here and those that prepare accordingly will be fine. it's for $600 in total sales which includes any sales tax and applicable shipping paid by the buyer. 

[wildpitchsports]

No it IS about the reseller economy...gig workers have been getting 1099-NEC's for income over $600 for years.

[wildpitchsports]

Those will be better places to SELL soon.