Still selling over 6 hundred since the changes?

[timebanditz1970]

Yep, well, it's everyone's choice but i am sure 90% of sellers have no idea about the new implications of this policy, which is also now in effect for Venmo, PP, and other previously untaxed revenue sources. Over 600 in sales, IRS requires your info on a 1016 from the Bay, yep, and to send it your ZZ number will be required by the bay from you, and what could possibly go wrong with your most personal data going to an intl co. or who knows where? On socSecurity, its now taxable income, be sure to keep track, as the 22percent tx rate kicks in also.

   So that item sold for 100, after feez 12%, 78, and after 22persent gov tax now gets u 78 bux, not including hassle, etc. wow, didn't know this scheme, did you.. Happy 22 tx sesean!

[annadryl]

It's May, 2022. Boy, has this topic been done to death. What more or new can be said???

[klhmdg]

what???

whats a 1016?

Whos a ZZ?

22% tax rate?

[zero29zero]

"It's like Deja Vu all over again" (Yogi Berra)

[luckythewinner]

---

@timebanditz1970 wrote:

Yep, well, it's everyone's choice but i am sure 90% of sellers have no idea about the new implications of this policy, which is also now in effect for Venmo, PP, and other previously untaxed revenue sources.

---

My eBay sales are not "previously untaxed".  They have always been reported and the necessary taxes paid. So for me, the "changes" won't affect anything. 

And since eBay has been mailing every seller and announced the 1099-K thing to death, I suspect 90% of  seller are aware. 

[silverstatetreasureboxes]

@timebanditz1970 

Ahhh yeah, Ole 5 oclock somewhere came early today? 🤣🤪

[theteamsetguy]

timebanditz1970,

Just because income isn't reported to the IRS does not mean it is supposed to be untaxed. Unfortunately, based on the post from people like yours there are a lot of people of people who either don't understand the tax laws or choose to not understand them on purpose. Even if one sells items for a profit in the form of cash you are suppose to report and pay any taxes due.

We need everyone to pay their taxes to keep Make America Great Again. America needs the money to pay for roads, schools, foreign aid to the poor people in Ukraine, welfare programs, food stamp programs, Covid vaccines,  N95 face masks, Obamacare, more IRS agents, refugees from Ukraine and Central America.

[yuzuha]

Love it when people admit to cheating on their taxes and proving exactly why the law was enacted in the first place!

[timebanditz1970]

No, it was 10,000 until this year. You are uninformed, and the average seller of personal stuff, not a business may actually depend on the few bucks they make from grandpas attic stuff to make ends meet. Have some pity, understand how tough things are going to get real soon, you have no idea how bad it gonna get, thanks to JB of course..

[kensgiftshop]

@timebanditz1970 

Those of us that have been reporting our income, it isn't going to make a difference.

The one's that are going to have problems are the ones not reporting their income like they are supposed to be doing, the rest of us, we'll be fine.

[chapeau-noir]

 

[timebanditz1970]

Let's not forget to tax hunter and pop for these items.

Well said, but each individual is different, many folks just scrape by with ebay sales helping, (I work with elderly and poor folks as a volunteer, and ebay has helped make ends meet for those we ignore in this country re. of race or color). 

Remember when the rich folks were told last year that any deposits or withdrawals THEY made form banks etc over 600 bucks would be given to the irs by the banks? They went NUTS, and since they are rich, that idea dropped real fast. The rich always win , poor Americans selling attic stuff get trampled, as usual.

Had one nut job on this reply site accuse me of "libel", total doofus, probably thinks "libel" is what Swiss sheep herders do to call their flock through those horns.

[timebanditz1970]

OH yeah, you forgot about the "border guest visitors" in the millions who we now give free baby formula, a plane ticket to any city they want, free medical care, crack addicts and homeless people put up in hotels with free drugs and crack pipes, (hunters idea, no doubt), no requirements for covid tests, millions of dollars in everything they want, but citizens can't find baby formula.

As they say "Let's go Brandon", he's doing all he can to destroy USA, and watch this country turn third world. what a pity..

[simply-the-best-for-you]

Or maybe 90% have always been reporting their taxes, just like you're supposed to, so this was a big 'yawn'. 

BTW, it was not $10,000 before, you are mistaken.  

It is not a 1016. 

There is no ZZ  (except ZZ Top of course).  

So many errors, so little time. 

[yuzuha]

---

@timebanditz1970 wrote:

Let's not forget to tax hunter and pop for these items.

Well said, but each individual is different, many folks just scrape by with ebay sales helping, (I work with elderly and poor folks as a volunteer, and ebay has helped make ends meet for those we ignore in this country re. of race or color).    

---

John works at McDonald's for minimum wage. If he makes more than $600, it gets reported on his W2 and he has to report it as income. I would presume that John is working at McDonald's because he is attempting to make ends meet. How is it fair that he has to account for the money he makes while these other people get to make money without being accountable for it?