New Tax Requirements on selling. E bay it may be really bye bye

[lovett-1000]

Sad on e bay to have to report sellers with over $600 in sales profit. Free mailing is going to disappear on my listings.  About 95% of all things I sell I offer this service.  It is just going to be to much of a hassle to keep up with all the gas receipts.  Because after all them with the cost of my mailing supply's my taxes will be negative.  My innovatory is really very high since I sell wood.  But I keep it listed at a very low amount lately.  Because I sell on here as much as a share not really never hardly made any real $. Like I have a 1 pound $ 13.99 listing and make really about $2 for from 15 to 40 mins of my time. Be for real.  The fees more fees taxes and more taxes is about more than I want to share more for . I live 14 miles from the post office.  Make a trip almost every day, I know I could use them pick up but. I would be on their clock not mine and do not use.  My goal is fastest mailing.  I pay lots of taxes on my property and trees on it every year. I Pay taxes on all I buy. Then sell it and it is taxed twice again.  I am a very skilled man but staring to feel like a dummy.  So e bay may see the vacation I am on a go lots longer.  The I.R.S should be abolished.  It is nothing but another away saying you will never really own nothing America is a lie. Saying you own your home everyone knows that.  But now with this new tax deal you do not even own your anything. Because you better keep up with the receipts you paid for it.  And what you sold it for. On old items that have been taxed to death already who says what its worth ? in your innovatory. It went from 200 sales and 1000s of dollars to report to $ 600 to report. What dose that say about the jerks we elected.  Thanks and best wishes to all that read my post.  

[buyselljack2016]

If you are operating at a loss your tax burden would be zero.

[7606dennis]

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@buyselljack2016 wrote:

If you are operating at a loss your tax burden would be zero.

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That is true.  However, it should be remembered that there are rules in place to cover how many years one can claim a loss to avoid paying taxes.  I believe this is to avoid having some people setting up businesses that intentionally operate at a loss to offset income from other sources to lessen one's tax burden.

[firesteel_surplus]

I tell ya....port ya money into off shore oil rigs. All tax free and the IRS will even slap you on the back and congratulate you on a job well done!
Trust me.

Mike

Firesteel Surplus

PS...like it was said....only about 5000 posts about this whining about having to report sales above $600...get a clue sellers...(and FULL DISCLOSURE: The above posting starting with "I tell ya" and ending at "Trust me" is ALL sarcasm. I don't want anyone thinking I was serious...because there will be that ONE seller thinking I was serious or IRS agent without a sense of humor....)

M

[lovett-1000]

I guess your right I should have been reporting all my minus income on here all the time. But no requirements for me to do and who wants to spend piles of time to go back to my free mailing on each listing. I would have to itemize every single thing to much of my time.  Was not worth going in loss more paying a accountant. And to try figure my profits when was none.  The I.R.S and this government we have now just is want to collect more tax off things already taxed to death. Anyone can not see that well.  Best to them.  If U.S would do a flat line tax at the store or here online would solve all.  But the a person would really see how taxes are about %85 of everything after all the fees taxes and insurance.   And no one would do sales trade anyway.  It would become and welfare state totally then. Like seems what they are pushing on U.S. anyway.  If you are paying your 4 different taxes and all the fees paying for the insurance and all it really takes to run a business. Then you of all should understand why I gripe. It is really just trying to enlighten anyone thinking of making any $. You better be ready to charge a fortune for it and hope someone will buy it. Keep up all records on your junk over a measly $600 in trade a year.  Totally new wrong government leaders are doing this. With support of big business to hurt the smaller business. They can afford accountants and deduct from their taxes.   

[lovett-1000]

The politicians make the taxes. The I.R.S. could be ended at anytime by politicians so how not political. Yes I am put all the taxes together.  That is why I say they are taxing my Pine trees to death and everything else. You got to add the  whole thing not just pieces. Because because of the pieces now getting bigger for taxes in 2022. They any smart seller now will up their prices by a extra %40 to prices. That will be about your average for you filing your new 1099 your going to get. And look for e bay fees to go up even more. They got to hire more to process all the new 1099 or pay new programmers a plie of cash to fix system to do it. Your right I do think it will change once they see how much the are putting work for nothing.  Adding a lot of losses on everyone to file the next year to see they only lost more every year.  Like the penny it will be gone one day.  But when it cost more than the $ to make it. It already cost over .07 to make one.  We got to pay for more taxes to make money that is worthless.   

[simply-the-best-for-you]

There has always been a requirement for you to do so.  Always.   The only thing that's changed is the 1099 amount.   You're not going to get any sympathy here, most professional sellers have been paying their taxes & reporting properly from when they started their businesses. 

I'm so glad they lowered it, so more people who are not paying their taxes will be caught. 

[fern*wood]

I had absolutely no idea there were this many sellers (big ones too) on ebay just ignoring the requirement to report to the IRS.   To act like this is a new thing blows my mind. 

[itsjustasprain]

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@lovett-1000 wrote:

Like I have a 1 pound $ 13.99 listing and make really about $2 for from 15 to 40 mins of my time. Be for real.  

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The reality is that if you are only making $2 an hour doing this then you are doing yourself a disservice. Find things to sell that will be more profitable for you or find another side hustle to bring in extra cash. 

If you have expenses that are more than your income here then definitely file them to show your loss for the year. The thing to understand here is that Ebay WILL be reporting your gross income because that is what the law REQUIRES them to do. Its up to you to file your expenses and deductibles that will bring down the number being reported.

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@lovett-1000 wrote:

I Pay taxes on all I buy. Then sell it and it is taxed twice again.  I am a very skilled man but staring to feel like a dummy.  

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You are confusing sales tax with income tax. You pay sales tax on things you buy. The seller pays income tax on what you pay him. You pay income tax on things you sell. The buyer pays sales tax on what he pays you.

[buyselljack2016]

Processing 1099's is mostly automated. I don't expect that eBay will be doing any mass hiring to handle the process.

[buyselljack2016]

My cost of goods, packaging costs, estimated shipping costs, eBay fees, and approximate tax burden are all figured in when I set the listing price for my items.

As my time is worth little it is seldom figured into the equation, but I am paid OK for what I do.

eBay provides activity for my body, and mind, so therein, it is part of my profit.

And one last time, nothing has changed other that at what $ amount the 1099-K is required to be send.

[buyselljack2016]

What is your alternative for the IRS?

[kosmosattik]

"I had absolutely no idea there were this many sellers (big ones too) on ebay just ignoring the requirements report to the IRS.   To act like this is a new thing blows my mind."

My mind is unblown.   I reckon tax evasion is a lot worse than estimates.  Estimates of the the black/gray market economy running as high as $3 trillion are plausible to me and that is largely untaxed.

[kensgiftshop]

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@lovett-1000 wrote:

I guess your right I should have been reporting all my minus income on here all the time. But no requirements for me to

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You've always been required to report any income.

Now it'll be easier for them to catch the ones that haven't been.

[tguitar_123]

I have been selling since 2009. We wrapped it up also after the $600 sham. Now we just do CL or FB. Things move pretty fast on Marketplace. We didn't elect Biden. He has been a disaster for almost 50 years.  Anyone with a working brain didn't vote for him. His whole administration is corrupt.  At least their feelings won't get hurt by a tweet. It's so much better now  paying big bucks for gas, food, energy, ect. Lol

[louies1948]

eBay provides activity for my body, and mind, so therein, it is part of my profit. .............................................................. I look at it the same way. I might not make a lot of profit but I am keeping active in my old age. Plus I have a warehouse full of obsolete auto parts  and antiques I need to get to people who need them so my heirs wont take them to dump so they can sell my building. The new generation will never ever work as hard as this old timer does. And I pay my taxes , it cuts down on my stress level