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Selling-1099
Hello-I haven’t sold on eBay for awhile now. I was told on Etsy that a seller can sell up to $20,000 or 200 transactions in 2023 (will do 2023 taxes in 2024) and NOT receive a 1099 tax form. Is this true for eBay? I would think it would be the same? I thought the IRS had changed that? I am not a business. I have personal things I’d like to sell but can’t afford to pay income tax on what I sell. It’s not worth it to me. Please help! Thank you!
2 comments
rfmtm
Mentor3 years agoRegardless of whether you receive a 1099 or not your must by law report all income. Besides the IRS can access it anyway if needed. This does not mean you owe any tax, but you still have to account for it or risk a fine or worse.
Generally selling personal items yields no profit, so there will be no tax, but you still are not relieved from reporting the proceeds and showing there was no profit.
kensgiftshop
·3 years agoYou're supposed to be reporting all your income, it doesn't matter how much it is.
You only pay income taxes on the profit you made.