1.9T$ COVID RELIEF BILL CONTAINS HUGE IMPACT ON EBAY SELLERS!

[lerchtoys]

Since the fatcats at Ebay will not tell anyone - here it is:  buried in the latest covid relief bill is a clause/law that will cut our selling limit from $20,000 to $600.00 and Ebay will be required to send a 1099K to the IRS and all sellers who go over the $600.00 limit!  Ebay will not say anything, because this fits into their agenda:  drive out the small sellers and only support the mega sellers - the new E-COMMERCE model that Ebay is implementing!  It will take effect for the calendar year 2022, so we are still safe for 2021!  It was put into the bill to help pay for all the government spending and handouts!

[dbfolks166mt]

     Some may be safe for 2021 but I happen to live in a state that has had the reduced numbers since 2020 so I received a 1099 from PayPal, Venmo and several others for 2020 and will receive those in 2021 along with the one from eBay. 

     As far as eBay attempting to drive out the small sellers and support only the mega sellers I don't believe this is their intent but I have no proof of that. I don't believe eBay can sustain a supportable e-commerce model at least not in their current form without a major impact to their bottom line. They simply do not have the infrastructure in place to compete in a increasingly competitive environment where they have always been behind the power curve. 

[stephenmorgan]

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@dbfolks166mt wrote:

If you are retired and drawing Social Security you may want to see how reporting the full amount could potentially impact your Social Security income depending on how much you sell and what the 1099 reports. 

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Yep, you are correct on that.  Generally, if your Social Security benefits are your only source of income, then they are usually not considered taxable income.  It is when other income is added in that Social Security “may” become taxable. 

According to my Tax Calculator for 2020, if the only source of income for a married couple is Social Security Income of $24,000 a year, they could conceivably make about $23,200 and not owe any taxes.  Anything past this then they are not only being taxed on the extra income they are also being taxed on their Social Security.

If they are receiving any Social Benefits based on Income, they could have those benefits reduced are canceled if they earn too much and I am sure $23,200 would be way too much.

[computeraidllc]

If you sell anything whether it be on eBay or not. Even a garage sale, it is considered income by the IRS and you are suppose to report it. You have to pay taxes on what you sell on any platform, whether it be eBay, Craigslist, Amazon, Facebook Marketplace and so on. Same as in person transactions like a flea market or garage sale. This has always been the case. In the early part of this century the IRS required any marketplace to give a 1099 when you reach a certain number of sales and report it to the IRS. They have lowered that limit to $600. They did that because people were selling and not reporting to the IRS thus avoiding paying there taxes. This only effects people who avoided paying the correct amount of taxes to the IRS. If you are one of those people, then the door is closing on your ability to avoid it. I have no pity on them as I have been reporting what I bring in and what it cost me to sell on eBay and many other platforms for many years.

[oaktoncardinal]

Democrats need more money so they look to raise taxes on everything.  Democrats are giving US taxpayer dollars to everyone, every country and illegals... you need to fund Democrat spending by paying more taxes. 

Here in Virginia, and several other Democrat run states, they made the decision to tax online sellers via a 1099 requirement last year.

Stop voting for Democrats.