1099-K

[woodys-collectibles-and-more]

Well I guess its' time to say goodbye to selling on ebay. Been selling here for a long time , but new tax law will kill all profits.  Will be deleting all items for sale in the morning.  woodys-collectibles-and-more   If anyone buys anything overnight. all funds will be sent back to buyers.  

[dq3141]

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@this*old*attic wrote:

Expenses and losses can only go so far. 🙄

If one TRULY made no money year after year into infinity….why bother?

That’s one of the things the IRS will get around to, I’m sure.

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If someone keeps reporting losses, the IRS will eventually treat them as a hobby seller.

[fredgsanford712]

I think the profit's being killed previously by eBay with their increase in selling fees.

Having to file taxes on such a pittance of income is ridiculous, considering the Ritchie McWhites of the U.S. are hiding assets, finding loopholes, and 'donating' money to dubious 'non-profits' for tax write-offs.

Instead of filling the holes in THAT scam, the other Ritchies of the world are going after Poor McPoverty for their pennies.

THAT'S what people are complaining about. The hypocrisy of it all.

One can afford to pay taxes, which are owed in the tens of thousands and hundred of thousands, but we're ignoring that.  One can't afford to pay taxes, which are owed in the tens of single dollars, and we're going after them people.

[wildpitchsports]

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@bashort wrote:

It does not affect me but I do dislike the new IRS rules as I believe that they are just being used as punishment.

go ahead and get a sales tax#, opens up lots of possibilities

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Best advice other than social commentary I have seen

[m60driver]

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@bearswatching wrote:

I don’t know how many times this has to be repeated. There...is...no...new...tax...law. 

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There is indeed a new tax law.  And it requires the issuance of a 1099K to folks who have sold more than $600 gross on Ebay or other online platforms.  Before this new law one could simply report net income from sales on a 1040 as miscellaneous income.  It...is...a...new...tax...law.

[wildpitchsports]

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@m60driver wrote:

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@bearswatching wrote:

I don’t know how many times this has to be repeated. There...is...no...new...tax...law. 

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There is indeed a new tax law.  And it requires the issuance of a 1099K to folks who have sold more than $600 gross on Ebay or other online platforms.  Before this new law one could simply report net income from sales on a 1040 as miscellaneous income.  It...is...a...new...tax...law.

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Trigger law yes. Oh cmon, you don't want your grandma to sell her dolls, make $601 and get kicked off her health insurance? Cmon dog!