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?

[remembermonday]

Yes, let’s all follow 1 state. Just eliminate states’ rights all together. Hey, let’s all get taxed like New York! That’s working so well for them. Wonder why so many New Yorkers are moving to FL and other states with lower taxes? 🤔 

[remembermonday]

Please ignore the rude people replying to your question.  In the old days, you could ask a question and someone would help you and that was it. Instead now the smart alecks come out of the wood-work and you will just get bombarded with attacks . This is not a representation of the entire Ebay community.  Unfortunately, some really great people have left Ebay because of the lack of kindness and consideration. It’s not EBay’s fault. It’s just the trolls that spend 24/7 on the message boards. Someone that lacks any compassion should not be assisting anyone.  Please just do what many of us do and ignore the smart alecks. 

[remembermonday]

How things have “change”d——

“The Boston Tea Party was an American political and mercantile protest by the Sons of Liberty in Boston, Massachusetts, on December 16, 1773.”

[dq3141]

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@remembermonday wrote:

Yes, let’s all follow 1 state. Just eliminate states’ rights all together. Hey, let’s all get taxed like New York! That’s working so well for them. Wonder why so many New Yorkers are moving to FL and other states with lower taxes? 🤔 

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They move to Florida:

1) to avoid the winter weather

2) to die.

[remembermonday]

👍🏻

Love it!

[remembermonday]

Do a tax level comparison check... 

1) It depends on someone’s weather preference 

2) At least they will die happy paying less tax and keeping more of their money  😊

[slippinjimmy]

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@dq3141 wrote:

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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.

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I keep seeing this comment but I can assure you it's quite possible.

My own personal collection of "stuff" (mostly books and music) would number AT LEAST 40,000 ITEMS (Haven't tried to add it up recently). That would NOT include my Mother's leftovers, she died 12 years ago leaving me at LEAST 10,000  books, magazine and other assorted items.

I don't even sell any of that stuff as I'm still working on the leftovers from my B&M businesses from the 70's, 80's & 90's which is what I primarily sell on eBay.

The bulk of my personal stuff (and my mother's) would be sold for less than the acquisition price (no tax liability) and if/when I ever get to it would probably take me 20+ years to sell (if I live that long).

My business leftovers have a very low acquisition cost so I do make net gains on that stuff which does result in tax liability.

[louies1948]

They move to Florida:

1) to avoid the winter weather

2) to die.

you forgot the most important thing,  FREEDOM !

[richard454]

Misinformation?

How far back can the IRS go to audit my return? Generally, the IRS can include returns filed within the last three years in an audit. If we identify a substantial error, we may add additional years. We usually don't go back more than the last six years

[richard454]

My favorite- they aren't even selling anything!!!

[chapeau-noir]

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@louies1948 wrote:

They move to Florida:

1) to avoid the winter weather

2) to die.

you forgot the most important thing,  FREEDOM !

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COVID!  Whoopee!!

[dillsdprib]

I know what they're saying & this TAX GREEDY admin is trying to suck up ALL AVAIL INCOME they can muster! That's how I'm going to convey it & Treas. Sec Yellen is whack for trying to invade your personal accounts because she says "they're trying to catch those who don't pay their taxes", BUT this AIN'T the right way to go about it!

For the US gov't to peer into your accounts is simply a socialist way to rob the rich to pay the lazy poor!!! 👍

[ljsj2757]

it is true.. new 1099k threshold..

[jayjaspersgarage]

"

They move to Florida:

1) to avoid the winter weather

2) to die."

3)  to play Condo roulette?  

Rising seas and crumbling failing buildings.

[albertabrightalberta]

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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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@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 do you want fixed? NOTHING has changed as far as taxes are concerned. You should have been reporting all along. 

The only thing that has changed it that ebay is sending 1099 forms to so the IRS can catch all the tax evaders.