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new 600 dollar SALES threshold for IRS Reporting , and ebay 1099-k required
This is what's going on with the draconian, insane IRS requirement for ebay to send far too many sellers a 1099-k form, which is also sent to the IRS.
If we sold more than $600 worth of anything during each year, it will be reported to the IRS and their system will treat it as reportable income. Even if you are selling at a loss, or reselling a used item of yours, and you won't legally be required to pay any tax on it. If you did not make a profit off of it., or your income is too low, then you won't owe anything. Yet this horriffic new Biden admin rule, tells the IRS that you do owe or that it should show on your tax form. You will then have to prove that you didn't make a profit.
This could be impossible for people who don't have a receipt, or are selling items that are 5, 10, 20, or 50 years old. No record may exist for what you paid for it, only what you sold it for.
This will be triggering the IRS system for God knows what, to send out a fake notice of discrepancy if your tax returns ( or by not filing), show something different from what they THINK they know about your income.
This is outrageous and detrimental, it is not a truthful way of informing the IRS at all.
Previously, before Biden's new regulation, the reporting threshold was $20,000 worth of online sales, and 200 transactions, before ebay had to send out a 1099-k to you and report it to the IRS.
So this recent change is just not workable at all, it is now being put in action since January 2023, and sellers can expect to receive a 1099-k if they have sold 600 bucks or more of household used items. Also, this will be reported to the IRS.
OUTRAGEOUS!
*********Now that there's a change of who controls congress, we all need to step up and call our Representatives and demand it return to what it was before. Or give us exemptions.
Give good reasons in your letter or call - such as, We are selling used items of our own , we aren't a business. we are just trying to get SOME of our money back by selling stuff we couldn't return to the store, etc.( be truthful of course) *********
kh-gary
·2 years agoHi everyone,
This thread has been closed as discussion has remained heated after several reminders from moderators to remain friendly and respectful as required by the Community Guidelines.
Thank you for your cooperation.
themayqueen
OP2 years agoI am so happy, that this has now been changed due to so many people speaking out and contacting congress etc !
i am really thanking God because i prayed about it and so did a lot of people.
The future isn't 100 percent certain though, so i'm gonna keep praying. it's gone way too far already. !
kensgiftshop
·2 years agoThe only thing that's been changed, is they decided to delay it another year.
Hopefully next year, they won't delay it again.
themayqueen
OP2 years agoTHIS is what this thread is about, and the resulting effects on ebay users ( buyers AND sellers !) as well as the 1099 issue.
the Biden and Democrat total surveillance of ALL Americans' banking and financial transactions. [ at low $$$ level of in or out transactional activity]. Senate Republicans want to stop it but can't get past the Dem majority.
https://waysandmeans.house.gov/ways-means-republicans-introduce-bill-prohibiting-bidens-invasive-irs-bank-surveillance-plan/
KEY TAKEAWAYS:
Democrats Will Have the IRS Snoop on Americans’ Bank Transactions.
READ: The Numbers in Biden’s Invasive Tax Gap Plan Don’t Add Up
kensgiftshop
·2 years agoWhat does a seller receiving a 1099K have anything to do with buyers?
themayqueen
OP2 years agoi repeat -- the main PROBLEM here, is that Biden admin wanted to surveil and monitor ALL TRANSACTIONS BY ANYONE. The $600 threshold was for starting up constant monitoring o f your bank account, paypal etc, as ELECTRONIC SURVEILLANCE by the IRS-- not just for 1099's-- but for EVERYTHING that is a transaction. That $600 was to be applied to bank or any financial accounts, and everything that transfers INTO or OUT of them. TOTAL TRANSACTION SURVEILLANCE OF EVERYONE. illegal of course, and total violation of our rights of privacy and security of our documents, etc.
So as soon as you pay rent or a mortgage, or buy things totalling $600 or more cumulatively (starting first month of the tax year), pay some bills, buy food, or receive money of any kind that totals more than $600 for the year into your bank or payment account, the IRS would then begin surveilling / MONITORING your bank or payment account all the time, indefinitely.
See how insane that is? it's nothing short of a total surveillance mechanism thought up and put into a bill by madmen. or totalitarian commies or whatever. That's why this thing had to stop, and it was put to a stop . This was Biden's bill.
However, the new level set at $5000, after a lot of protest by the public, still means that possibly everyone will then be electronically monitored and surveilled as soon as you transact a cumulative total of $5000 next year. RECEIVED FROM ANY SOURCES, OR SENT TO ANY RECIPIENTS in transactions. Unless they changed the surveillance part. Here's an article about this insanity.
https://thehill.com/opinion/finance/593070-from-bank-accounts-to-facial-recognition-the-irs-is-diggi...
kh-leslie
·2 years agoHi everyone,
This discussion has gotten a bit heated. Please remember that, while it is fine to disagree with others, discussion should always remain friendly and respectful as required by the Community Guidelines.
Thank you for your cooperation.
themayqueen
OP2 years agoThis Biden TOTAL SURVEILLANCE OF EVERYONE'S FINANCES atrocity has now been changed since the People and Congress objected against it . For normal people, it's a very distressing violation of our Rights under the Constitution , for no good or valid reason: Rights to privacy, and security of our documents. ( the surveillance of each $20,000 single transaction, the original older law, was to deter money laundering and criminal activity , not just for the sake of total financial surveillance. Unlike this new Biden totalitarian surveillance of virtually everyone, just for surveillance sake and without any just or reasonable cause. )
So here's the new ebay announcement about it. https://community.ebay.com/t5/Announcements/IRS-announces-another-delay-of-the-600-reporting-threshold-for/ba-p/34153125
kraftique
·2 years agoMy State has had it at $5,000 way before this rule went in place. I just sold off things and crafts I had that I never used. Never came anywhere never that amount in the 20 plus year I had been on here.
Biden did this because of Gig workers like Uber and food delivery drivers and this all was combined into one.
I am not fan of his- I felt the 600 was a very low threshold and a sneaking bill placed in another bill during the pandemic.
I an retired and glad I do not have to deal with any of this.
Just learn to do accounting it is not hard.
mam98031
·2 years ago@kraftique
I'm not sure what it matters what the threshold is. The 1099K does not control when you should be reporting income and when you shouldn't. With one or without it we have all been responsible for reporting our income to the IRS. So whether it is $400 or $4,000 it is reportable to the IRS.
For example since this year the threshold on the FORM has been placed back where it was at $20,000 and 200 transaction, that does NOT mean that those that sold $19,999 or below it is free money or not to be reported. The 1099K is merely a form and nothing more than a form. With or without it all income is suppose to be reported by law and that has NOTHING to do with Biden, that is the rules of IRS and has been for many years.
So you can blame Biden, but it really doesn't mean anything as we were always suppose to report all income.
The 1099K did not get created just because of Uber drivers. It was also because of sites like this with so many sellers not reporting income when they should have been. Many likely for years.
It seems to be easier if you look at the bigger picture. It is unlikely that the vast majority of people that would need to be reporting income on this site of on or around $600 would even see any impact at all to the income taxes they owed once the deducted expenses. And the IRS has income threshold for even filing a Federal Tax Return and many would not even qualify for that. I've previously posted this information on this thread, but if you'd like to see it or can't find it, just ask. I'd be happy to post it again.
Many get all upset because of the 1099K and there really is no reason for it. Lower income people will likely not have to pay a dime in additional taxes.
What some fear is the effect it may have on State or Federal Benefits they may receive. That can be a legit concern, but then again, we are suppose to report all income per IRS NOT Biden.
If you go and take a close look at the Schedule C, it will help you better understand deductions. It really is a simple form with great instructions on the form itself and in the supporting booklet you can get online. You don't have to be an accountant to do it, but you do need to keep records.
themayqueen
OP2 years agoagain you are posting false information about reporting or filing taxes. stop pretending to be a tax expert because, you are misinformed of basic essential info on taxation. Go read the irs site about who must file or report income , there are several different circumstances that simply are different for each person. . you seem to be focusing on YOUR situation but yours is probably quite different from a lot of other people's . You are making some extremely false assumptions about the subject matter of this thread and other things as well. Please stop, it is very counterproductive and you keep misdirecting the intent and essence of this thread, to something else entirely-- you think it's about people not doing thier taxes correctly. . NO, it is not about that. You don't even know enough about the tax code to discuss this issue. You seem to think everyone has the same type and level of tax requirements as you do, when that is just patently false. GO READ THE IRS SITE. til then, stop posting falsehoods and uneducated misinfo.
themayqueen
OP2 years agothat's an outrageous lot of uneducated misinfo, false asumptions, and false accusations you keep making. you do not know the tax codes as well as you think you do. NOR do you have any clue what this new Biden law was about. Not at all.
AGAIN, ONE SIZE DOES NOT FIT ALL. STOP ASSERTING BASIC FALSEHOODS, you are making false statements CONTINUALLY.
BUT, anyway this thread is about the wrongness of the new Biden instituted total electronic surveillance of everyone's banking and financial accounts, and all transactions, not just selling, or ebay.
FYI, this new 600 dollar reporting that has now been changed again, also TRIGGERED TOTAL ELECTRONIC SURVEILLANCE OF YOUR FINANCIAL ACCOUNTS by the IRS. that is extremely significant and also a violation of our privacy and security of our documents. The things being counted are anything that is a receipt of money but also expenditures that we pay.
This bill was an attempt to institute a china- style total surveillance of all people, since we all pay for things, which also count in the $600 yearly total of transactions; and may receive money, even nontaxable money that does NOT have to be reported. . and most all of us have at least 600 in transactions in a year' s time- either paying or receiving.
So it's virtually surveillance of EVERYONE. not just ebay sellers. The reason it's not cool to have ebay, your bank, and all others sending IRS a 1099 report on 600 per year of transactions, is because of this huge and unconstitutional ,sweeping, all -inclusive reporting-- a violation of our right to privacy, and security of our documents. It' s not just income or ebay being reported to them with his new attempted Biden law. They treat us all with suspicion as if we were criminals under investigation.
Originally this type of reporting @ 20,000 of any and all type of transactions, was to deter money laundering and criminal activity. But that is not what a 600 /a year surveillance trigger could be called, by any stretch of the imagination. 600 a year is also far below the personal exemption, so the purpose of that low level is also very questionable and suspect.
You are obviously entirely unaware of the tax code's variations, which are different for each person. And also unaware of this extreme new type of universal draconian, totalitarian surveillance bill, that is a Biden bill.
stephenmorgan
·2 years agoI believe the one proposed change you are talking about is the Tracking of Bank accounts with over $600 annual non-Pay Roll transactions.
For now, it is stalled. If it was to be resurrected with the proposed amount increased to $10,000 my Bank Account would be reported often since I have no Earned Income.
Biden admin backs down on tracking bank accounts with over $600 annual transactions
Those who receive W-2 would be exempt from the IRS data collection.
https://abcnews.go.com/Politics/biden-admin-backs-tracking-bank-accounts-600-annual/story?id=80665505
tracking bank accounts with over $600 annual transactions
dbfolks166mt
·2 years agoI am thrilled that this post simply will not die. It has over 390 replies to a subject that has been beat to death. The replies divest off into so many different directions it is impossible to navigate your way through the thread and with 390+ replies no way I would even attempt to do so.
chapeau-noir
·2 years agoIt seems to branch off into two directions Reality <--------->Fantasy. The fantasy seems to be more creative, though.
themayqueen
OP2 years agopeople selling off their old stuff and making only 600 a year in income are not gonna owe any taxes. so none of the mass surveillance makes sense. they should at least start the surveillance reports at the personal exemption, ie 12,000 and double it since virtually nobody makes more than a 50% profit. This garbage is just Big Brother Tyrant wanting to operate now that an old easy to manipulate pushover is in office.
tricky143391
·2 years agoDeposit my funds in my bank account
nuclearomen
·2 years ago5K still no different then $600 or $1, but suppose some will be happy if they didn't reach the 5K - idk, I'll get one anyways far beyond 5K gross.
rinseaid
·2 years agoIt appears that the 1099K reporting threshold decrease has now been suspended for another year: https://www.irs.gov/newsroom/irs-announces-delay-in-form-1099-k-reporting-threshold-for-third-party-platform-payments-in-2023-plans-for-a-threshold-of-5000-for-2024-to-phase-in-implementation
koreycabra
·2 years agoMy big concern is that I don't know how to prove I sold items at a loss. With the way things work on eBay, if I'm honest after fees and packaging and USPS I'm definitely making losses on pretty much everything I sell. Including eBay fees. I am not a business so I don't keep receipts of anything other than my phone bill. Which is really the only thing I can write off. And I can't afford an accountant to help me. I'm a disability applicant and my eBay income is literally all I made for the entire year.
I'm not in denial that this measure is going to stand (none of our reps will do anything) but we're also not being given the tools as folks just selling our spare items online. Feel really lost and frustrated.
mam98031
·2 years agoEbay has a variety of reports you can run in the Seller Hub. Proving Ebay fees and any shipping you do through Ebay is really easy. Are you saying you are losing money even with just these two expenses?
mam98031
·2 years agoTax brackets 2023 (taxes due 2024)
Tax Rate
Single
Married filing jointly
Married filing separately
Head of household
10%
$0 to $11,000.
$0 to $22,000.
$0 to $11,000.
$0 to $15,700.
12%
$11,001 to $44,725.
$22,001 to $89,450.
$11,001 to $44,725.
$15,701 to $59,850.
22%
$44,726 to $95,375.
$89,451 to $190,750.
$44,726 to $95,375.
$59,851 to $95,350.
24%
$95,376 to $182,100.
$190,751 to $364,200.
$95,376 to $182,100.
$95,351 to $182,100.
32%
$182,101 to $231,250.
$364,201 to $462,500.
$182,101 to $231,250.
$182,101 to $231,250.
35%
$231,251 to $578,125.
$462,501 to $693,750.
$231,251 to $346,875.
$231,251 to $578,100.
37%
$578,126 or more.
$693,751 or more.
$346,876 or more.
$578,101 or more.
https://www.nerdwallet.com/article/taxes/federal-income-tax-brackets
Tax Year 2022 Filing Thresholds by Filing Status
Filing Status Taxpayer age at the end of 2022 A taxpayer must file a return if their gross income was at least:Self-employment status. Self-employed individuals are required to file an annual return and pay estimated tax quarterly if they had net earnings from self-employment of $400 or more.
https://www.irs.gov/newsroom/who-needs-to-file-a-tax-return
mam98031
·2 years agoThere is a lot of bad information on this thread. I sincerely those that are looking for the correct answers do their homework and their own research so you don't harm yourself financially due to taking bad advice.
https://community.ebay.com/t5/Announcements/eBay-and-TaxAct-partner-to-help-you-navigate-new-Form-1099-K/ba-p/33141019
https://www.irs.gov/faqs/small-business-self-employed-other-business/income-expenses/income-expenses
https://www.irs.gov/businesses/gig-economy-tax-center
https://pages.ebay.com/seller-center/service-and-payments/2022-changes-to-ebay-and-your-1099-k.html
themayqueen
OP2 years agoTHIS THREAD IS NOT ABOUT SELF EMPLOYED PEOPLE selling things. the original post is about people selling off their own possessions, not in business and not self employed people selling thier merchandise.
stephenmorgan
·2 years agoWith a funding cut to the IRS do you think there is a slight possibility the $600 1099 reporting threshold could put off again.
House Republicans aim to pay for Israel aid with cuts to IRS funds.
https://search.yahoo.com/search;_ylt=AwrjadmzTUFlpzIA2Z5XNyoA;_ylc=X1MDMjc2NjY3OQRfcgMyBGZyA3lmcC10BGZyMgNzYi10b3AEZ3ByaWQDeXdXbzJFYmNRaVdrRFdSR0xRT2RCQQRuX3JzbHQDMARuX3N1Z2cDMARvcmlnaW4Dc2VhcmNoLnlhaG9vLmNvbQRwb3MDMARwcXN0cgMEcHFzdHJsAzAEcXN0cmwDNjcEcXVlcnkDSG91c2UlMjBSZXB1YmxpY2FucyUyMGFpbSUyMHRvJTIwcGF5JTIwZm9yJTIwSXNyYWVsJTIwYWlkJTIwd2l0aCUyMGN1dHMlMjB0byUyMElSUyUyMGZ1bmRzLgR0X3N0bXADMTY5ODc3OTA5Mg--?p=House+Republicans+aim+to+pay+for+Israel+aid+with+cuts+to+IRS+funds.&fr2=sb-top&fr=yfp-t&fp=1
monroe67
·2 years agoWow.
"With a funding cut to the IRS do you think there is a slight possibility the $600 1099 reporting threshold could put off again.
House Republicans aim to pay for Israel aid with cuts to IRS funds."
(I have omitted the link . . . .)
Do you need a refresher lesson on the meaning of the word "aim"?
NO money has currently been diverted from the IRS so that it could be given to any other nation.
It is my understanding that the possibility of doing so has only been proposed/suggested today, 10-31-2023. Or yesterday.
stephenmorgan
·2 years agoI only asked, "With a funding cut to the IRS do you think there is a slight possibility the $600 1099 reporting threshold could put off again."
I did not in anyway state that a proposed funding cut has happened.
So sure, give me refresher lessor on the meaning of the word "aim" and how this is relevant to what I said.
stephenmorgan
·2 years ago----------
mam98031
·2 years agoJust to be clear. IRS does not get to keep all the money they collect for Income taxes. They get a portion that is their budgeted amount just like the rest of the various agencies. So to lower the threshold on the 1099K in the hopes that more people will properly report their income does NOT mean that the IRS gets more money. The Government / Congress sets the budgets.
themayqueen
OP2 years agoTruly irrelevant, everyone knows it, and doesn't address the issue at all.
mam98031
·2 years agoIt was a completely relevant post as I responding to another members post, NOT yours. Feel free to dismiss any of my posts you like, that doesn't make you right.
themayqueen
OP2 years agowhat we need to do is contact our senators and reps and demand they remove that threshold and put back the old one or something far better than what it is now. so that the IRS stops illegally surveilling all our banking and every transaction we make. that is the real aim , they are trying to become Big Brother and Chinese Social Credit Score system of tracking everyone pathologically. We have rights to provacy and also securityof our documents , including banking or transactional documents. They have no warrant,it's illegal search.
campanaelia
·2 years agoHow do you make your rich benefactors happy? Slash their taxes and then defund the IRS so nobody can hold them accountable for taking even more. The trick is convincing the poor and middle class that you're doing it for them.
stephenmorgan
·2 years agoYou have a good point, however I do not think the lowering the reporting threshold to $600 is anything to do with the rich. Trying to evade paying taxes on $600 or on $20,000 is a unimportant amount for a rich person. The $600 amount is to go after almost anyone who received money.
Just my opinion, but I believe the majority of people this will target/affect will not be the rich but will be people who are not likely to be making much income.
355don
·2 years agowanna say everyone on here been awsome conversation, i hope all well
355don
·2 years agoit also stated that out of those 69 million working side hussle jobs, almost half are underreporting or not reporting there income, because they cant afford too.. thats a very real issue
doc-holmes
·2 years agoIt sure is, but the solution is to offer assistance, not to make it easier for people to cheat on their taxes.
355don
·2 years agoi really agree with this
themayqueen
OP2 years agoTHIS IS NOT WHAT MY ORIGINAL POST IS ABOUT. i am not trying to excuse anyone from filing taxes that are due . That is an entirely different subject, about which many of the replies seem to be directing thier comments. They are quite inaccurate in some of the responses about that as well.
themayqueen
OP2 years agosounds bogus. how would the IRS know if 30 million side hustles were under reporting? did they do 60 million audits on those? because that's the only way to find that out. So it's an assumption made by t he money hungry tax and spend machine in power now. They WISH they were underreporting because they have to desperately find more money to finance their irresponsible and unintelligent largesse.
355don
·2 years agoa lot of shops online have banned this form of payment F@F for this very reason, and because there is no protection for the buyer if your item never arrives
355don
·2 years agoive also seen this in other places not just ebay but shops online, sellers want payments with you using friends and family, its no secret what they are trying to do, they are trying to avoid a 1099
mam98031
·2 years agoThe use of Friends and Family on PayPal was mostly sellers trying to avoid paying a fee for money processing as it use to be a free service for PP. Now PP charges for it.
355don
·2 years agothats true..
355don
·2 years agoif everyone on here is so for this lower 600 threashold then,what are we upset about then, i do understand what people are saying about some sellers under the radar with staying under 20,000 . but i guess thats up to them if they want to take that chance, everyone knows your supposed to report it right, but sellers are going to do what they want to do, so now a lot are unhappy because its 600. i do buy a lot on ebay and this is why a lot of sellers now want you to pay with friends and family, but there is no protection in that for the buyer, so i wont buy from a seller that wants this form of payment
355don
·2 years agoi read this online, they say 69 million americans are now working side jobs,or in the gig economy just to make ends meet and pay the bills.. thought that was interesting
doc-holmes
·2 years agoThere are ways to alleviate this problem. Not issuing 1099K forms until you hit a higher threshold will do nothing. A universal basic income actually would help,but I'm sure you don't want to pay for that. We shouldn't use people's very real struggles to get you want, while ignoring what they actually need.
themayqueen
OP2 years agoThis is a totally different issue.
355don
·2 years agoas much as i like judge judy show, its hollywood its fake, shes got millions of bucks, no comparision to the avarage joe trying to make a living
355don
·2 years agosee you all, it was a good topic..
355don
·2 years agoand i do believe this ,i think there will be a day when most of our money for people that work will go for taxes, to pay for the rest that either dont want to work, or cant make it in life because of the cost. thats my opinion
355don
·2 years agowell people ,i think this was a good conversation with all opinions respected i hope, i understand where a lot of people are comming from,, i will tell you the truth, i fell kind of sorry now for young people in this country ,the way things have gone way up cost of living ect,,i think thats why now so many young adults are living at home because they dont really see a good future where they can get ahead in life, the cost of rent and cars and utilitys bills are too much, you all know what im talking about because we all know young adults like this, cant afford to leave home..whats the answer i dont know, but i know more taxes and more inflation is not going help..
355don
·2 years agoim not one of these people that think our tax dollars should go to give people a living, be responsible do the right thing, if you cant afford something dont buy it, if you cant afford to have kids wait until you can, dont expect the tax payer to bail you out
355don
·2 years agoour goverment is using our tax dollars like a big credit card, and when the credit gets maxed out time for another tax,or taxes go up..this tax and spend beyond your means only lasts so long. that goes for us and our goverment..like i said this idea that tax money will pay for it all,including people to go to collage is not right, i know plenty of people who went to collage 15 and 20 years ago and they didnt get any tax 20 grand bail out
355don
·2 years agothis is why our goverment needs more tax money, our tax payer dollars have been very badly abused and mishandled in recent years,thats a fact. people wanting our tax money to pay for things it wasnt meant to pay for..
big_cat_delivery
·2 years agoI don't like this policy change, but I just state the fact no matter you like it or not.
If you sell any used items that you bought more than 2 years ago (lost receipt or print receipt has lost ink over time that could not be recognized on purchase amount clearly), then you will be taxed on the full amount you got paid on eBay if you exceeded $600 reporting threshold on your sales this year.
For example, you bought 4 new dresses for $200, $220, $240, $260 prior to 2020 that's total $920 when you paid them in new. You have lost receipts on all of them or could not recognize their purchase amounts when you scan your old receipts from a high resolution all in one scanning printer. Then you listed them to sell on eBay for $125 each plus $30 shipping on each of them. After they were sold prior to this month, you would have a gross total sales of $125 x 4 + $30 x 4 = $620 that exceeded the reporting threshold. The best thing you could deduct from your gross total sales for next year's filing would be eBay fees and actual shipping fees that cost you to ship the items. If you spent $19 on U.S. priority large mail + $6 insurance on each used dresses sold, then you would only be able to deduct $25 in total of shipping cost for each dress or total $100 for all 4 dresses. Let's say eBay charged you total of $70 fees, then you could deduct that as well.
Then your taxable income would become $620 - $100 - $70 = $450 even if you gained less than half of what you paid originally when the dresses were new as $920 in total. That's insane but it's fact that you had to pay tax based on full amount of adjusted sales amount after qualified expense deductions applied only.
mam98031
·2 years ago@big_cat_delivery
You have other deductions you can take. Shipping supplies, estimated value of the product you are selling, mileage to and from the Post office or other carrier site, etc.
https://community.ebay.com/t5/Announcements/eBay-and-TaxAct-partner-to-help-you-navigate-new-Form-1099-K/ba-p/33141019
https://www.irs.gov/faqs/small-business-self-employed-other-business/income-expenses/income-expenses
https://www.irs.gov/businesses/gig-economy-tax-center
https://pages.ebay.com/seller-center/service-and-payments/2022-changes-to-ebay-and-your-1099-k.html
355don
·2 years agoalways ok when someone is using tax money to benefit themselves, isnt it
kh-cathy
·2 years agoHi everyone,
This discussion has gotten a bit heated. Please remember that, while it is fine to disagree with others, discussion should always remain friendly and respectful as required by the Community Guidelines.
Thank you for your cooperation.
355don
·2 years agoi dont think so,people are being pretty respectful here, but firm in there opinion too, nothing wrong here
355don
·2 years agoits all good conversation, everyone has an opinion and has a right to express it.. i hope no one gets offended here..
thebricktank
·2 years agoI dreaded this as well, but this is a state requirement already in my state and frankly, it will be more of a burden on eBay than on us. What you all should do is incorporate and use this as a proper business and take advantage of the business tax deduction available to you. It is a little work but it is not insurmountable, you can buy a simple book on this and use this side hustle, if it is that, to add extra deductions to your income taxes. Frankly, I think the IRS is shooting themselves in the foot here thinking people are too stupid to realize they could actually benefit overall from using business deductions in this way, which is totally legal, assuming you are operating a for profit business and not a hobby.
dannydigital76
·2 years agoI'm retired and we made less than 20k on ebay this year Gross.
Do I have to pay the IRS?
dbfolks166mt
·2 years agoI'm retired and we made less than 20k on ebay this year Gross.
Do I have to pay the IRS?
That depends. You do not pay taxes on your gross revenue you pay it on the net. You take your gross revenue and subtract all the expenses from those selling activities to include eBay fees, shipping cost, COGS, packing materials, POV, sourcing costs, use of your home, etc. to come up with your net. If you have a positive net income you may be required to pay taxes on that return depending on your total net income for the year. If you have a loss from selling it could potentially reduce your other tax liabilities.
There are too many variables for anyone to provide you with an exact answer without having more information that you would not want to post on a public forum. Best to talk to your tax advisor or read through the IRS online publications. Following is one for the schedule C preparation.
https://www.irs.gov/pub/irs-pdf/i1040sc.pdf
fern*wood
·2 years agoYou have another thread where you purchased thousands of dollars of items to sell (presumably for a profit) and you ask this question? You have to report. Your deductions will determine what or if you owe anything.
mam98031
·2 years agoYou will need to claim your income @dannydigital76 . The IRS requires all income to be reported. Because you are required to claim the income on your tax reports doesn't actually means you will owe some taxes for it. You do get to take deductions that apply.
355don
·2 years agothis generation thinks everything should be paid for them using tax money, joe biden has no buissness using tax dollars to pay off student debt period, you cant afford it,you dont do it
355don
·2 years agolike i said why do these young people think its ok for my tax money to pay off thier student debt, pay your own bills stop wanting the goverment to use tax money to pay your debt, if you cant afford collage dont go
stephenmorgan
·2 years agoWell that would defeat the government's goal of having everyone educated with a collage degree. Why do you think they made it so easy to get the money. Beside nearly half of the States give out free money from the Lotteries for schooling. Do you not remember the promises of using the Lottery money for free education?
355don
·2 years agoand thats a big issue, way too much easy money going around that these people dont want to pay off, but they have no issue with our tax dollars paying for thier debt. then they want to cry a river about paying taxes what a joke