Sales Reported to IRS

[mysterytree]

Is Ebay going to report  sales income to the IRS? I have heard that anything over $600.00 would be reported and the sellers will get a income form to add to their yearly income taxes. Does anyone know about this or is it just hear say?

[jda07121]

Where have you been????

[my-cottage-books-and-antiques]

First I've heard of it, if you don't include the dozens of threads on this exact topic on this Board. And the recent ebay announcement about it. Not to mention the many discussions about it elsewhere.

https://community.ebay.com/t5/Announcements/New-1099-K-tax-reporting-requirements/ba-p/32556521

[my-cottage-books-and-antiques]

https://community.ebay.com/t5/Announcements/New-1099-K-tax-reporting-requirements/ba-p/32556521

[dq3141]

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@mysterytree wrote:

Is Ebay going to report  sales income to the IRS? I have heard that anything over $600.00 would be reported and the sellers will get a income form to add to their yearly income taxes. Does anyone know about this or is it just hear say?

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You’ve been reporting your income from eBay sales every year, right? Not doing so is tax evasion.

[tdrake]

You will do your taxes the same way you've been doing them all along. No change.

[mysterytree]

Thank you.  I am a casual seller . Just selling items from my home/garage sales and WAY under  $20,000 in sales.

[mysterytree]

How can this be fixed? Is Ebay working on this?  They will be losing a lot of sellers over this.

[wildpitchsports]

Sure will. It's not an eBay issue, it's a US Government issue signed into law by the current president in March of 2021.

[wildpitchsports]

What you have heard is correct.

[skeletonstore]

Are you saying you haven't been filing income tax on these sales because you don't hit 200/20k?  From a glance at your items,  they look like thrift store type finds bought and sold for profit.  Is that what they are?  If so then you are clearly running a business.  If you didn't file income tax at all the statue of limitations is forever.  If you under reported it's 6 years I believe.  Got receipts?   

[fern*wood]

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@mysterytree wrote:

How can this be fixed? Is Ebay working on this?  They will be losing a lot of sellers over this.

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What is there to fix?   Reporting ebay sales on income tax filings has always been required. 

[fern*wood]

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@wildpitchsports wrote:

Sure will. It's not an eBay issue, it's a US Government issue signed into law by the current president in March of 2021.

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You say this in a way to insinuate that reporting your ebay sales on your income tax filing wasn't required prior to this year and this administration.   You also post that it has been required all along, so why do you are try to have it both ways in your posts?

[dq3141]

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@mysterytree wrote:

Thank you.  I am a casual seller . Just selling items from my home/garage sales and WAY under  $20,000 in sales.

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3,000+ seller feedback. Another one with a garage the size of an airplane hangar.

No one believes you’ve sold thousands of things lying around in your garage.

[evry1nositswindy]

You should have been reporting your eBay sales as income all along.  The only thing that has changed is the dollar amount that triggers a form to the seller and the IRS.