I don’t presume that most happy about an increase limit are hiding profits to avoid taxes. Plenty of garage sale type sellers here – good that they don’t have another tax form to fill out.
and what if there is a very small time seller making a couple of thousand dollars of profit on eBay? I’m OK with it. I think we all pay enough taxes. Some guy or gal is getting off of his stuff to make a little bit of money – nothing wrong with it. I applaud it.
seriously, I don’t think that we need to equate someone not wanting to fill out yet another form or someone that is making $1000 of profit on eBay with Al Capone. Heck, it would be interesting to know if the tax police on these boards check that little box on your tax return asking if you have bought anything online or mail order that did not you have your state sales tax applied to it. Or, came out ahead $1000 at the casino, and didn’t report it. Or, use the total trip distance to the post office from your house as a mileage expense, when you were really just dropping off packages while doing errands. Or, use that home office that you use for eBay, even for just one minute, on something other than online sales and did not disclose that on your tax return.
Well Yes, as a matter of fact. When I lived in Tennessee, which has a Use Tax, I did check that little box and pay it. I was glad when the online retailers started collecting sales tax and I didn't have to do that anymore.
I didn't count up every bottle of shampoo I bought on Amazon, but I did count furniture, small appliances and power tools, for instance. My state needed sales tax revenue and was being seriously impacted by the rise of online shopping.
I have been a very small seller of books on Amazon and books/dishes on eBay for many years and always produced a Schedule C and paid my taxes, even if I only made $1000.00 profit. I choose not to live in the gray areas.
Well Yes, as a matter of fact. When I lived in Tennessee, which has a Use Tax, I did check that little box and pay it. I was glad when the online retailers started collecting sales tax and I didn't have to do that anymore.
I didn't count up every bottle of shampoo I bought on Amazon, but I did count furniture, small appliances and power tools, for instance. My state needed sales tax revenue and was being seriously impacted by the rise of online shopping.
I have been a very small seller of books on Amazon and books/dishes on eBay for many years and always produced a Schedule C and paid my taxes, even if I only made $1000.00 profit. I choose not to live in the gray areas.
You did and you do. See, you thought it
fine to skip sales tax on shampoo, but not an appliances. Problem is that the righteous indignation crowd is that their level is the sweet spot - anything above is unnecessary and anything below is a mortal sin. I can see a few on these boards volunteering to be in the Iranian morality police.
I don’t presume that most happy about an increase limit are hiding profits to avoid taxes. Plenty of garage sale type sellers here – good that they don’t have another tax form to fill out.
and what if there is a very small time seller making a couple of thousand dollars of profit on eBay? I’m OK with it. I think we all pay enough taxes. Some guy or gal is getting off of his stuff to make a little bit of money – nothing wrong with it. I applaud it.
seriously, I don’t think that we need to equate someone not wanting to fill out yet another form or someone that is making $1000 of profit on eBay with Al Capone. Heck, it would be interesting to know if the tax police on these boards check that little box on your tax return asking if you have bought anything online or mail order that did not you have your state sales tax applied to it. Or, came out ahead $1000 at the casino, and didn’t report it. Or, use the total trip distance to the post office from your house as a mileage expense, when you were really just dropping off packages while doing errands. Or, use that home office that you use for eBay, even for just one minute, on something other than online sales and did not disclose that on your tax return.
People just need to be honest - hair splitting is not necessary. Just. Be. Honest.
One thing you neglected to say - should an an income tax filer be subjected to an IRS audit for any other reason and failed to report income below the thresh - the IRS can also secure all the eBay sales income records for any given year(s) for any amount.the filer could be subjected to more penalties than they bargained for. One thing that can trigger an audit is claiming an exemption for assigning a portion of ones primary home expenses to office space allocated to running a business. In all my years of selling I never claimed that deduction - didn't want the hassle. Knew folks that wished they didn't - the auditor - look a everything they claimed.. . It is taking risk not claiming income, that's why I always declared the pittance received after cost deductions. Never really won much at the casinos either, never bragged when I won a token amount. . To each their own..
Is the new reinstated July 4th 1099k in effect now or in 2026?
@thuntsredlines
"reinstated July 4th 1099K"???? The 1099K is a federal form that has not be cancelled anytime in the past, so there is no need to "reinstate" it and especially on a federal holiday.
Now I think what you want to talk about is the threshold on the form. Not that it really matters. If you think that raising the threshold on this form to $20K, mean you get $19,999 worth of non reportable, non taxable income, you'd be WRONG. It is a darn FORM and nothing more than a FORM.
Myth: If taxpayers didn't receive a Form 1099-K, they don't have to report income. Fact: According to federal law, all income is taxable unless it is specifically excluded by tax law. Taxpayers should report any profits from selling goods or services, regardless of if they receive a Form 1099-K.
@mam98031 I think the OP was referring to the "big beautiful bill" passed on July 4th which included the 1099 provision.
I know what they were referring to, but thank you. I know you are just trying to be helpful. But when someone wants to talk about something as important as this subject, I'm of the opinion they should take the time to at least understand the very basics.
For the 1099K to be "reinstated" would mean that at some point IRS stopped using the form. Most know that isn't true.
There is still time for the threshold for the FORM to change. But I personally don't worry about it at all because with or without the form we all need to report our income to IRS every year.
The insolvency of Social Security myth has been going on for over 30 years that I can recall. Retired in 2007 - no check has bounced yet. There would a ton of PO'd people over the age of 65 like 40, million ) PO'd if it happened + all those that collect SSI legitimately or otherwise.
chapeau-noir
·1 year ago"Please tell me I can hide income again". (I'm not nice).
powell-collectibles
·1 year agoI don’t presume that most happy about an increase limit are hiding profits to avoid taxes. Plenty of garage sale type sellers here – good that they don’t have another tax form to fill out.
and what if there is a very small time seller making a couple of thousand dollars of profit on eBay? I’m OK with it. I think we all pay enough taxes. Some guy or gal is getting off of his stuff to make a little bit of money – nothing wrong with it. I applaud it.
seriously, I don’t think that we need to equate someone not wanting to fill out yet another form or someone that is making $1000 of profit on eBay with Al Capone. Heck, it would be interesting to know if the tax police on these boards check that little box on your tax return asking if you have bought anything online or mail order that did not you have your state sales tax applied to it. Or, came out ahead $1000 at the casino, and didn’t report it. Or, use the total trip distance to the post office from your house as a mileage expense, when you were really just dropping off packages while doing errands. Or, use that home office that you use for eBay, even for just one minute, on something other than online sales and did not disclose that on your tax return.
winterpalace25
·1 year agoWell Yes, as a matter of fact. When I lived in Tennessee, which has a Use Tax, I did check that little box and pay it. I was glad when the online retailers started collecting sales tax and I didn't have to do that anymore.
I didn't count up every bottle of shampoo I bought on Amazon, but I did count furniture, small appliances and power tools, for instance. My state needed sales tax revenue and was being seriously impacted by the rise of online shopping.
I have been a very small seller of books on Amazon and books/dishes on eBay for many years and always produced a Schedule C and paid my taxes, even if I only made $1000.00 profit. I choose not to live in the gray areas.
powell-collectibles
·1 year agoYou did and you do. See, you thought it
fine to skip sales tax on shampoo, but not an appliances. Problem is that the righteous indignation crowd is that their level is the sweet spot - anything above is unnecessary and anything below is a mortal sin. I can see a few on these boards volunteering to be in the Iranian morality police.
winterpalace25
·1 year agoWow. Iranian morality police.
chapeau-noir
·1 year agoPeople just need to be honest - hair splitting is not necessary. Just. Be. Honest.
johnrj1226
·1 year agoOne thing you neglected to say - should an an income tax filer be subjected to an IRS audit for any other reason and failed to report income below the thresh - the IRS can also secure all the eBay sales income records for any given year(s) for any amount.the filer could be subjected to more penalties than they bargained for. One thing that can trigger an audit is claiming an exemption for assigning a portion of ones primary home expenses to office space allocated to running a business. In all my years of selling I never claimed that deduction - didn't want the hassle. Knew folks that wished they didn't - the auditor - look a everything they claimed.. . It is taking risk not claiming income, that's why I always declared the pittance received after cost deductions. Never really won much at the casinos either, never bragged when I won a token amount. . To each their own..
mam98031
·1 year ago@thuntsredlines
"reinstated July 4th 1099K"???? The 1099K is a federal form that has not be cancelled anytime in the past, so there is no need to "reinstate" it and especially on a federal holiday.
Now I think what you want to talk about is the threshold on the form. Not that it really matters. If you think that raising the threshold on this form to $20K, mean you get $19,999 worth of non reportable, non taxable income, you'd be WRONG. It is a darn FORM and nothing more than a FORM.
Myth: If taxpayers didn't receive a Form 1099-K, they don't have to report income.
Fact: According to federal law, all income is taxable unless it is specifically excluded by tax law. Taxpayers should report any profits from selling goods or services, regardless of if they receive a Form 1099-K.
https://www.irs.gov/newsroom/irs-never-mind-the-myths-know-the-facts-about-receiving-a-form-1099-k-in-2024
susanb1872
·1 year ago@mam98031 I think the OP was referring to the "big beautiful bill" passed on July 4th which included the 1099 provision.
mam98031
·1 year agoI know what they were referring to, but thank you. I know you are just trying to be helpful. But when someone wants to talk about something as important as this subject, I'm of the opinion they should take the time to at least understand the very basics.
For the 1099K to be "reinstated" would mean that at some point IRS stopped using the form. Most know that isn't true.
There is still time for the threshold for the FORM to change. But I personally don't worry about it at all because with or without the form we all need to report our income to IRS every year.
campanaelia
·1 year agoTell me what is "beautiful" about this bill? That's not what I call it.
The 1099 provision is just a distraction as the biggest transfer of wealth to billionaires takes place in history...
"The art of the STEAL"
GOP megabill’s final score: $3.4T in red ink and 10 million kicked off health insurance
OBBBA Would Accelerate Social Security & Medicare Insolvency
johnrj1226
·1 year agoThe insolvency of Social Security myth has been going on for over 30 years that I can recall. Retired in 2007 - no check has bounced yet. There would a ton of PO'd people over the age of 65 like 40, million ) PO'd if it happened + all those that collect SSI legitimately or otherwise.
susanb1872
·1 year ago@campanaelia I agree with you but that is officially what it is called so don't shoot the messenger.
H.R.1-One Big Beautiful Bill Act
kensgiftshop
·1 year ago@thuntsredlines
Does it really matter?
Report your income like you're supposed to and you won't have to worry about it .
12345jamesstamps
·1 year agoI actually read it is back to $20,000. for California...don't know about all the states.
I read it yesterday and can't find the article again...rats!
Some here will be rather not so nice to this post...so watch out for their comments.