eBay

ollmarci-xxzlqsa8 · ‎02-17-2022

I wonder how many sellers have stopped selling due to the new IRS rules on 1099 forms

divwido · ‎02-17-2022

The tax cheaters probably did. The real sellers? The ones who sell for profit, not boredom, they are still here.

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Great Moms turn them off first.

slippinjimmy · ‎02-17-2022

I don't know......do you have a guess?

Paranoia strikes deep
Into your life it will creep

southern*sweet*tea · ‎02-17-2022

The new rule only applies to those that issue the forms. The rules for sellers remain the same.

The easier you are to offend the easier you are to control.

We seem to be getting closer and closer to a situation where nobody is responsible for what they did but we are all responsible for what somebody else did. - Thomas Sowell

ollmarci-xxzlqsa8 · ‎02-17-2022

Oh I understand, but, I fear that forms will be issued for items which are not taxable, once issued, you won’t correct it. Ever try to convince the IRS you don’t owe them what they say you do? After 18 years, I’m done witah ebay

dnasilver · ‎02-17-2022

all 1099's have a box on top that says "corrected" and a 1099K does not say anything about if you owe taxes. It shows money being moved. That is all it is. Why are people getting over concerned about this? Either you have been paying taxes on earned or unearned income or you have not been. It has nothing to do with getting a 1099! What is the chance or odds of you being audited? You have better odds winning in a casino than ever being audited!

espresso_warehouse · ‎02-17-2022

@ollmarci-xxzlqsa8 wrote:
Oh I understand, but, I fear that forms will be issued for items which are not taxable, once issued, you won’t correct it. Ever try to convince the IRS you don’t owe them what they say you do? After 18 years, I’m done witah ebay

I've been filling out pages of tax schedule forms since I was 18 years old. What is the issue? I don't get it.

chapeau-noir · ‎02-17-2022

Zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz...

Hell is empty. And all the devils are here.

ollmarci-xxzlqsa8 · ‎02-17-2022

1099 forms report sales to the IRS as taxable income. I fear they will be incorrectly reported, what’s hard to understand?

espresso_warehouse · ‎02-17-2022

@ollmarci-xxzlqsa8 wrote:
1099 forms report sales to the IRS as taxable income. I fear they will be incorrectly reported, what’s hard to understand?

False. 1099 forms simply report payments. Taxable income is what you determine by filing schedules A-D.

stainlessenginecovers · ‎02-17-2022

and this is why accountants go to college:

To educate (while charging) those that simply do not understand the "tax for business" process.

katzrul15 · ‎02-17-2022

@ollmarci-xxzlqsa8 wrote:
1099 forms report sales to the IRS as taxable income. I fear they will be incorrectly reported, what’s hard to understand?

If you "fear" this, you are then not currently claiming the gross revenue from your online sales and working to apply any applicable deductions available on Schedule C?

If you enrolled in Managed payments at some point in 2021 and your bank received regular ACH payout transfers, your bank knows you sell on e-Bay. Or any other online e-tailer. Stopping selling in 2022 does not mean there still might not be IRS consequences for Sellers who did not declare the online income in prior years.

Wish you all the Best.........it was always expected that Sellers would report their earnings. The fact that many did not, is the reason we are where we are. (and for us, we are happy it finally happened - should have happened a long time ago)

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collectfest · ‎02-17-2022

If I stop selling it won't be because of the 1099. Its not a new rule to report my income earned here or other platforms like shows.

espresso_warehouse · ‎02-17-2022

@katzrul15 wrote:
@ollmarci-xxzlqsa8 wrote:
1099 forms report sales to the IRS as taxable income. I fear they will be incorrectly reported, what’s hard to understand?

If you "fear" this, you are then not currently claiming the gross revenue from your online sales and working to apply any applicable deductions available on Schedule C?

If you enrolled in Managed payments at some point in 2021 and your bank received regular ACH payout transfers, your bank knows you sell on e-Bay. Or any other online e-tailer. Stopping selling in 2022 does not mean there still might not be IRS consequences for Sellers who did not declare the online income in prior years.

Wish you all the Best.........it was always expected that Sellers would report their earnings. The fact that many did not, is the reason we are where we are. (and for us, we are happy it finally happened - should have happened a long time ago)

It's unlikely many of these people who have never heard of a schedule C owe even middling back taxes from years ago due to eBay. I think we should stop scaring them, because it leads to all these freak out posts.

They are just small time sellers that need to be informed profit is ultimately taxed, not arbitrary payments.

The fear mongering causes people not to file, in which case they do get a letter assessing taxes on the entire 1099. So let's inform them better in the first place and not condescend.