eBay

deltilogical · ‎05-09-2021

A US Treasury Department fact sheet called Investing in the IRS and Improving Tax Compliance, explains the new powers the IRS would have under Biden’s $1.8 trillion American Families Plan:

“This reform aims to provide the IRS information on account flows so that it has a lens into investment and business activity… it leverages the information that financial institutions already know about account holders, simply requiring that they add to their regular, annual reports information about aggregate account outflows and inflows.”

In other words, the government already requires that banks spy on their customers, and report to the IRS.

But now the banks would be forced to tell the IRS how much money came into each account, and how much left.

They say this will help the IRS choose who to audit, since they will know if the money in their bank accounts matches what they disclosed on their tax filings.

The government will assume you are a tax evader until you prove your innocence.

itolduandso · ‎05-09-2021

The one thing I am puzzled, US Government is doing absolutely nothing seems about cryptos. People putting money in it, there is lots of illegal activity going on, tax evasion obviously and China his getting wealthy on cryptos on the back of the whole world. If there isn't sort of regulation over cryptos then I turn to a turtle this year because people will start pouring money in cryptos *bought cash etc whatever* just to avoid paying taxes.

nowandthenfabrics · ‎05-09-2021

I agree they can't be trusted. A certain President said he wouldn't raise taxes right and then gives us 2 stimulus checks. In which we all cashed them. We will give the money back over time by taxation on gas cigs and alcohol etc.. Why do you think every things going up on price like the things I mentioned. Taxation. Hidden taxes they call that. We will eventually pay the government back by that.

gjs_16 · ‎05-09-2021

I figure chances are if everyone had been paying their taxes like they are supposed to all along, this spy act wouldn't presently be happening. The fact this thread even exists supports my belief that quite a few Americans see nothing wrong with not paying taxes, some even feel like the government is the enemy and thus it's not really stealing.

But tax evasion is stealing, and it is dishonest.
Very much so, that is why the IRS is being given this power.

Also eaby's change of banking system really did have nothing to do with it.

itolduandso · ‎05-09-2021

It's also about the amount of work that smaller sellers do. It's not just pay $1000 dollar in taxes. It's the additional hours or more per year to keep paper work and calculations. For smaller sellers it will be a death knell. Not worth to sell 5000 or 15000 worth of goods and then spend more time doing paper work and accounting than selling. They would rather go to craisglist and local sites.

nettin-45 · ‎05-10-2021

@itolduandso wrote:
It's also about the amount of work that smaller sellers do. It's not just pay $1000 dollar in taxes. It's the additional hours or more per year to keep paper work and calculations. For smaller sellers it will be a death knell. Not worth to sell 5000 or 15000 worth of goods and then spend more time doing paper work and accounting than selling. They would rather go to craisglist and local sites.

Sounds like a mix of lazy and knowingly evading taxes to me

fern*wood · ‎05-10-2021

@itolduandso wrote:
It's also about the amount of work that smaller sellers do. It's not just pay $1000 dollar in taxes. It's the additional hours or more per year to keep paper work and calculations. For smaller sellers it will be a death knell. Not worth to sell 5000 or 15000 worth of goods and then spend more time doing paper work and accounting than selling. They would rather go to craisglist and local sites.

I worked almost 20 years rarely making more than 15000, but always had taxes to pay or at least turn in. The bigger problem, though, is why were the richest individuals given big tax breaks a couple years ago that now need to be made up for.

getadeal22 · ‎05-10-2021

People this is a result of a Supreme Court ruling that requires taxes on internet sales and proper income reporting that was ruled on a few years back that has nothing to do with Trump's tax cut for the rich in 2017. If you are not reporting your income then you are violating the law period. Gaslighting this to any other reason is not only incorrect but just plain wrong. Report your income and maybe you will not be worried you will get caught. Don't do the crime if you cannot pay the dime(s) lol.

releasethekraken_1 · ‎05-10-2021

@getadeal22 wrote:
People this is a result of a Supreme Court ruling that requires taxes on internet sales and proper income reporting that was ruled on a few years back that has nothing to do with Trump's tax cut for the rich in 2017. If you are not reporting your income then you are violating the law period. Gaslighting this to any other reason is not only incorrect but just plain wrong. Report your income and maybe you will not be worried you will get caught. Don't do the crime if you cannot pay the dime(s) lol.

The Supreme Court ruling dealt with sales tax. That has nothing to do with this discussion, which is about income tax.

skunkworksmib · ‎05-10-2021

So, someone has a garage sale to clear out some old items - you really think that should be reported to the IRS as income too? And even if it were, without the cost-based reporting that would offset the difference for depreciation?

You won't be able to do the latter on Ebay, for many people selling their rare collectibles or antiques, or classic-car, machine, or gun parts, on a case-by-case, which is what truly made Ebay unique and special from the start; not mass-listing sellers hocking useless and currelty mass-produced plastic junk wares from China, or "gift shops" like yourself. Sure, you have some vintage based items - but it's mostly trinket bric-a-brac garbage, akin to thrift-shop fodder.

Ebay will devolve into not being any better than what will be available at Walmart online, so people will soon start asking - why go through Ebay at all? Which will then become - "why surf for that particular item I need on Ebay - at all"?

So don't be a dismissive asstart - a good number of sellers on Ebay use it as an outlet that is no different than they might a garage sale or classified for rare, unique, fine-arts or antiques, or hard to find items of great interest, but their initial cost versus sale will not be reported through Ebay's assessment on a 1099.

You can be a coy shill all you want, but it's not earning you any special favors or points from Ebay. Sellers will stop posting those unique, rare items that are an initial draw for buyers to Ebay in the first place, that then also bump into your junk for sale - but with less of the former, your sales are sure to diminish.

So I highly suggest that you stop being so cavalier about the issue. Your sales volume is at stake as much as anybody.

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whiteparrot2003 · ‎05-10-2021

You're assuming the OP's opinion is accurate instead of investigating yourself.

kensgiftshop · ‎05-10-2021

@skunkworksmib wrote:
So, someone has a garage sale to clear out some old items - you really think that should be reported to the IRS as income too?

When I did yard sales, I considered it income, and yes, I reported it on my taxes.

Before the Internet, when in between jobs, I would walk around town at night picking up pop cans, and that income was also reported.

I know some people are not happy about the change, but the ones that claim their income already, it's no big deal.

Those of us not afraid to claim our income, we'll be here selling for years.

Have a great day.

kensgiftshop · ‎05-10-2021

@getadeal22 wrote:
People this is a result of a Supreme Court ruling that requires taxes on internet sales

That was for sales tax and has nothing to do with income tax, which this thread is about.

Have a great day.

yuzuha · ‎05-10-2021

@acrc3113 wrote:
And don't forget, for those on a fixed income, those "profits" from eBay sales can push you beyond the next tax threshold (from 12% to 25%) , even if you are trying to get rid of stuff you have had for years and never use anymore. The "profits" from eBay sales can also complicate things if you are trying to deal with an estate.

Why shouldn't that be counted? If you're making a profit on an item, it's profit. It doesn't matter if it's something you've had for years-- if you paid $25 for it when you bought it and sold it for $150, that's profit.

yuzuha · ‎05-10-2021

@skunkworksmib wrote:
So, someone has a garage sale to clear out some old items - you really think that should be reported to the IRS as income too? And even if it were, without the cost-based reporting that would offset the difference for depreciation?

There are many places that require you to file for a permit with the city or county to hold a garage sale so that they are aware that you are doing so. And yes, they expect you to report it as income.