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.  

[toomuchstuffagain35]

The "tax law" isn't new, just the $ amount at which payment processors have to issue a 1099K.

So do you mean to say that you haven't been reporting your sales from ebay as income before this?

SMH

[richard1rst]

WILL THIS HYSTERIA NEVER END ??????

PAY ATTENTION:  You have ALWAYS been required to pay taxes on any profit you make. The only reason for the new rule requiring eBay to file 1099s is because so many people were cheating by not reporting what they earned. (Not you of course, you've always been reporting your profits as you are required to do - right?)

So if you have been following the rules NOTHING HAS CHANGED. Of course, if you have NOT been following the rules then you deserve what you get - an audit. And if you have not been following the rules then YOU are one of the ones responsible for the new reporting requirements. In other words, you brought it on yourself.

Now can we PLEASE stop beating this dead horse.

[monroe67]

If the "new tax law" will kill all your profits, you are doing something wrong, and possibly always have been doing something wrong.  
If you cancel any sales that you might have overnight, your own decision to stop selling may be moot.  
Kind of like eBay saying to you, "You can't quit; we're firing you."  

Buena suerte. 

[my-cottage-books-and-antiques]

Your business. Your decision. Best of luck in all your future endeavors.

[katzrul15]

You've been on e-Bay since 2002...20 years and this is the best solution to receiving a 1099-K?

Just beyond comprehension.  No words.

No offense, but posting on a public forum to announce a departure over the issue at hand is not a smart move - especially if you have been coloring outside lines on the tax issue all these years?

Good luck on whatever the future holds.  Hopefully, it does not include a paper audit.

[coolections]

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@katzrul15 wrote:

You've been on e-Bay since 2002...20 years.  Just beyond comprehension.  No words.

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What's beyond comprehension is those that say they've paid taxes all these years making less than 20K.

[wildpitchsports]

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@woodys-collectibles-and-more wrote:

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.  

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You're far from the only one. Consider yourself lucky you are aware, 99% won't be until it's too late in 2023.

Best of luck in your future endeavors!

[slippinjimmy]

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@woodys-collectibles-and-more wrote:

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.  

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What kind of tax rate are you paying now on your other income?

[katzrul15]

I work FT and so does my husband.  We sell here and Amazon in addition to.  We average an additional $75k gross each year between the 2 sites.  I assure you, we pay State and Federal taxes and we make quarterly payments to the IRS.  We're in our 50's - we are not retired and this is a business for us.  

So yes, we pay taxes on our online sales.  Always have, always will.

[downunder-61]

https://community.ebay.com/t5/Selling/New-Tax-Laws-Info-for-Confused-Small-Sellers/m-p/32607045#M191...

[coolections]

@katzrul15 

Of course you would pay taxes. You make 75K a year staying at home selling on Ebay. Only a fool would not claim that. The rest of us part timers had no reason to pay taxes and would have been crazy to volunteer to do so.

[moondogblues]

cool...that made no sense at all.

[chapeau-noir]

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@coolections wrote:

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@katzrul15 wrote:

You've been on e-Bay since 2002...20 years.  Just beyond comprehension.  No words.

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What's beyond comprehension is those that say they've paid taxes all these years making less than 20K.

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Projection much?  🙄

[dq3141]

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@woodys-collectibles-and-more wrote:

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.  

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So now that you’ll have to report the income you should have been reporting for the past 20 years, you’re going to bail? 

oK, bye.