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Not Interested in 1099
I want to list my car here, I am concerned about the new rules demanding my personal tax info for sales over $600. I will NOT share that info with eBay. If I sell the car and ask for a deposit of $500 through eBay and then the balance to be paid by another medium outside of eBay, ie: wire transfer, etc. is this then acceptable and not subject to the new 1099 rules?
8 comments
youare!jimmy
OP3 years agoYou're assuming too much. I am selling the car at a loss , so there is no capital gain. Again, why would anyone report selling their own used car on their tax form? I have never heard of that, unless perhaps the seller is a dealer and that's how they make their income. I do not.
mr_lincoln
Mentor3 years agoHi @youare!jimmy
I am wondering if the 1099 that eBay issues for vehicles sales is actually a 1099-MISC ... That might be worth asking them or perhaps eBay motors explains that (I don't use eBay Motors).
I found this Turbo Tax article helpful:
Solved: Received 1099-MISC for selling vehicle. How is it reported in Turbo Tax Premiere? (intuit.com)
evry1nositswindy
Mentor3 years agoYou cannot be "not interested in 1099". This is a government mandate. We must all file our taxes and report income.
youare!jimmy
OP3 years agoHmmm? Thank you for the reply.
I've been filing my tax returns for decades and never had to list that I sold a used car before.
house*of*paws
Mentor3 years agoyouare!jimmy
OP3 years agoYou're just one more reason eBay is no longer the "go to" place.
kensgiftshop
·3 years agoA lot of sellers think that way when they find out they were supposed to be reporting their income made on Ebay all along.
Report the income and it won't be a problem
inceptions
Mentor3 years agoYou are required to declare your profit/losses from eBay sales on your tax return (1040 Schedule C) whether you receive a 1099-K or not.