eBay

timsmitty · ‎11-22-2023

https://www.irs.gov/newsroom/irs-announces-2023-form-1099-k-reporting-threshold-delay-for-third-part...

WHY? doesn't Ebay announce this? I have to tell everyone, really? This is GREAT news for many

mam98031 · ‎11-25-2023

@bryo_3145 wrote:
"What if your under 65 and blind?"

Look it up. You are capable of doing it yourself. I don't have to do it for you.

mam98031 • Volunteer Community Member • Buyer/Seller since 1999

mam98031 · ‎11-25-2023

@bryo_3145 wrote:
How long should we keep all our receipts and back tax information? Has anybody ever been audited by the IRS?

I believe the IRS rule is 5 years. But again, something you should be able to locate.

mam98031 • Volunteer Community Member • Buyer/Seller since 1999

b86fiero · ‎11-25-2023

Forgot to note: my friend had to file amended IRS reports because of the unreported income from her show and online sales. She has never told me how much she owed the IRS.

NOT saying any of this will happen to anyone here. But it DID happen to her.

gloryglorygifts · ‎11-25-2023

"And that may work for you. It would not be something I would advise." ~

Where in my comment did I say I don't file taxes? I've been doing them since day 1 of all of my businesses. I've been doing my own taxes for most of my working life, which is way over 45 years. Never said that.

gloryglorygifts · ‎11-25-2023

Ohhh, that will do it. Yikes. That could explain why my friend suddenly applied for the sales tax cert. She travels up and down the east coast doing shows, so it may be now necessary with some of the bigger ones to have it on file with them. IDK, I haven't done a show in 10 years. Thankfully your friend got help with the tax amnesty program!

Well, thanks for the explanation. Maybe someone on here will learn from her mistakes.

stephenmorgan · ‎11-25-2023

@bryo_3145 wrote:
How long should we keep all our receipts and back tax information? Has anybody ever been audited by the IRS?

This is brief but you should read the entire section for more details.

https://www.irs.gov/businesses/small-businesses-self-employed/how-long-should-i-keep-records

Period of Limitations that apply to income tax returns

Keep records for 3 years if situations (4), (5), and (6) below do not apply to you.
Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return.
Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.
Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return.
Keep records indefinitely if you do not file a return.
Keep records indefinitely if you file a fraudulent return.
Keep employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.

I find #6 interesting

6. Keep records indefinitely if you file a fraudulent return.

bryo_3145 · ‎11-25-2023

Thank You,

This is very helpful.

bryo_3145 · ‎11-25-2023

Right on thank you for the information.

"Should I also keep track of milage, does that count for anything anymore." Let's say I drive out to the thrift store and purchase an item, Or, go to an estate sale, garage sale. Plus, the post office for deliveries. Does milage count?

mam98031 · ‎11-25-2023

@b86fiero wrote:
Forgot to note: my friend had to file amended IRS reports because of the unreported income from her show and online sales. She has never told me how much she owed the IRS.

NOT saying any of this will happen to anyone here. But it DID happen to her.

Without details, that really doesn't mean anything or support anything you said before this post. Why did she have to file amended reports? Did the IRS catch she wasn't reporting all her income or did she?

Since you don't know the details, how do you know she owed any money to IRS?

mam98031 • Volunteer Community Member • Buyer/Seller since 1999

mam98031 · ‎11-25-2023

@gloryglorygifts wrote:
"And that may work for you. It would not be something I would advise." ~

Where in my comment did I say I don't file taxes? I've been doing them since day 1 of all of my businesses. I've been doing my own taxes for most of my working life, which is way over 45 years. Never said that.

My comment was due to your statement " No point in filing with the Feds if you didn't with your state. It's nonsensical. ".

mam98031 • Volunteer Community Member • Buyer/Seller since 1999

chapeau-noir · ‎11-26-2023

@bryo_3145 wrote:
Right on thank you for the information.
"Should I also keep track of milage, does that count for anything anymore." Let's say I drive out to the thrift store and purchase an item, Or, go to an estate sale, garage sale. Plus, the post office for deliveries. Does milage count?

Mileage deduction search. Loads of related information on deductions, too.

“The illegal we do immediately, the unconstitutional takes a little longer.” - Henry Kissinger

"Wherever law ends, tyranny begins" -John Locke

dbfolks166mt · ‎11-26-2023

@timsmitty wrote:
Ha Ha! Great news I say! You assume everyone is a criminal but maybe doing taxes is so complicated with these, it is best not to have to

I am hoping my employer does not send me my W2 this year. This tax filing stuff is complicated.

bryo_3145 · ‎11-26-2023

Thank you for the information. I'm sure that this will help other new sellers as well. At a lot of these sales, I go to people were talking about the IRS was trying to do away with milage write offs, deductions. It's nice to have something concrete.

dbfolks166mt · ‎11-26-2023

If you report your sales to your State, IRS knows too.

Probably varies from state to state but the information from my Federal return feeds my Virginia return. For a lot of things, income being one of them, if I don't report it on my Federal return it does not feed into my state.

mam98031 · ‎11-26-2023

@bryo_3145 wrote:
Thank you for the information. I'm sure that this will help other new sellers as well. At a lot of these sales, I go to people were talking about the IRS was trying to do away with milage write offs, deductions. It's nice to have something concrete.

"Trying" to do away with something, does NOT mean it is in effect yet and anything for anyone to have concern about now.

https://community.ebay.com/t5/Announcements/eBay-and-TaxAct-partner-to-help-you-navigate-new-Form-10...

https://www.irs.gov/faqs/small-business-self-employed-other-business/income-expenses/income-expenses

https://www.irs.gov/businesses/gig-economy-tax-center

https://pages.ebay.com/seller-center/service-and-payments/2022-changes-to-ebay-and-your-1099-k.html

mam98031 • Volunteer Community Member • Buyer/Seller since 1999