Closing My Store

[lindac871]

After over 15 years of selling on eBay, it's time to close my store. I'm a small time seller, paying a monthly fee plus added fees when something is sold. The straw that broke the camel's back is filing a tax return. This has become an expensive hobby! I know there's a place, possibly in Seller Hub that is marked close store or something similar but I'm having trouble finding it. I really need this information & your help. Thank you!

[caldreamer]

https://www.ebay.com/help/selling/ebay-stores/close-ebay-store?id=4091&st=3&pos=1&query=Close%20an%2...

[golfingaddict]

You got lots of replies yesterday.

Here is the thread.

Info On How to Close My eBay Store - The eBay Community

[heckofagame]

You still haven't specified what kind of tax return you are referring too; income or sales?

[heckofagame]

Assuming you are using Seller Hub:

Go into your eBay store, and click the "Manage my store" button in the upper right 

In the left menu, click on "Manage subscription"

Within the Active Subscriptions box you should see "Cancel Subscription"

Click on that. 

If you were on a 1 year plan, you may have to pay an early termination fee.

[tobaccocardyahoo]

If you have not been reporting you income all along, closing your store will not erase any liabilities, taxes or penalties that failing to file within the three year statute of limitations.

The 1099 requirement simply makes the IRS' job easier.

[kensgiftshop]

You've been selling for 15 years and not reporting your income?

[soh.maryl]

Looking at your message from a day ago, regarding filing taxes, you do realize that closing your store will not eliminate your tax liability, correct?

And for some reason, you have declined to explain exactly what tax you mean: IRS, state sales tax or state income tax.  

[heckofagame]

So, shredding all of my paperwork Enron style will not stop an audit?

[meme6253]

Good Luck To You!

[soh.maryl]

Go for it if you're so inclined.  

[lindac871]

Thank you SO much! Through the site you provided I did close my store & feel a great relief. No more headaches!

[lindac871]

That's what is so confusing! Filing a return occurred after my state began collecting taxes for sales outside of KS.

[simba6]

You do know you always did have to report and pay those taxes?   It's just that is was not cost effective for them to collect those pennies.  It may still not be but, they are so "hungry" for money they will try anything.  You are correct, eBay is not as simple as it once was.

[secondlifetreasures-llc]

Bold of you to admit on a public forum that you have been selling for 15 years and not filing taxes. The law has always required income / profits to be reported.