03-07-2021 03:36 PM
I just read that starting in 2022, eBay will start reporting to the IRS all sales totaling in a year of over $600. It is in the new 2 trillion $$ spending bill. Currently, it is $20,000. Is that true? Not sure what that has to do with helping get rid of COVID, but maybe it does in some way. I'm sure someone will tell us.
05-06-2021 01:17 PM
@perfumenmore wrote:How is selling an item you already paid tax on and collecting tax from the buyer evading taxes? Some states need to collect extra revenue because of poor management and chasing their tax base out of their states. Florida, Texas, and South Dakota have seen record increases in population as people flee those irresponsible states. It's not for no reason several poorly managed states just lost congressional seats.
How does sales tax have anything to do with this thread about income tax?
Another Faux Nooz zombie.
05-06-2021 01:28 PM
@perfumenmore wrote:What are you talking about? It hasn't even gone to the Senate and the Democrats don't have the votes.
The American Rescue Plan Act, which includes the $600 threshold for 1099k, was signed into law on March 11th. Didn't Faux tell you?
05-07-2021 09:34 AM - edited 05-07-2021 09:36 AM
Yes, Ebay will become just another online store with some second hand venders.... they will see huge drops in customers... no one needs the IRS hassle to sale yard sale stuff.
05-07-2021 09:40 AM
They arent, they just tell people they need to update their info which means ... add your SSN so they can send your 1099..... or they restrict you from selling. Will probably be Ebays downfall unless they can get buy with there online stores, because thats all there will be.
05-07-2021 10:12 AM
thank you
05-07-2021 10:15 AM
noted
05-07-2021 10:16 AM
awsh
05-07-2021 10:16 AM
good post
05-07-2021 10:18 AM
thanks
05-07-2021 10:19 AM
thank youu
05-07-2021 10:19 AM
good reply
05-07-2021 10:20 AM
good
05-07-2021 10:20 AM
thnk
05-08-2021 03:52 PM
Been on ebay since 2001 and I'm done. Was always a small-time seller of personal items. Sometimes I'd get something from a friend or family member. The old limit was a decent way to exempt the closet cleaner types (20k and 200 transactions).
If anything it should have been changed to just over the standard deduction since most people are wage earners and the income wouldn't matter unless it went over 12k/year. Even then that's not accounting for what the actual profit there was -if any.
I can not afford to lose my entire livelihood and health insurance because I sold a few things on ebay, with no profit because I'm just recouping what I spent on it years ago. What this will do for me is I'll just refuse to buy anything; because I have no way to sell it without losing everything I have. This is a very shortsighted and punitive punishment of the poor and working classes.
The previous limits made an allotment for regular people. And yes I remember placing classified ads to sell something; maybe we should have had a automated system to send 1099s to those people as well? They put their name and phone number in the ad. Why not have an automated jaywalking system and just mail the fines directly?
05-08-2021 04:05 PM
You were never exempt from reporting what you earned on ebay. With proper deductions.....what you describe wouldn't require paying income tax, presuming you didn't sell for more than the purchase price.......