New tax rules for 2022

[kenwooddave]

This might end an ebay seller of collectables after 23 years, 7k+ FB's at 100%. The extra time with paperwork keeping track of sells at 1c to $100, minus the original cost, etc. Always look forward to listing 250 lots each month but will not renew my store next year.  Seems the liberal gov. after the smalltime sellers to raise funds for the social programs.

[this*old*attic]

@maverick1825 

It isn’t Biden, you’ve ALWAYS been supposed to report any income!

Why on earth would you stop doing something you clearly enjoy over a little paperwork?

All of your money received from buyers, postage purchased (if done on EBay), EBay fees, and payout amounts are in one place - print your statement monthly.

Anything else is minimal. Keep thrift store receipts, receipts for packing tape, etc. Keep a notebook with yard sale purchases. 

[justafemster]

You've been on ebay for 23 years and have never paid taxes on your sales?  The law hasn't changed, you've been a tax cheat for at least that long.  Funny how you say "liberal gov" when it was Taft (a repug) in 1913 that made income tax a thing.  

So not only are you a tax cheat, you're also illiterate in history.  

Dude, you're going to prison after the IRS, CA tax franchise board and  CA tax board see this!  

I do Denio's.  I have to wonder about you selling there too.  See you at the flea!

[wrong66]

Political NONSENSE. Goodbye.

[fern*wood]

It isn't just the federal income tax that people are cheating on, what about all the state taxes?   I report my sales to my state too.  I bet states are wondering why sales tax is being turned in for sellers but they see no reporting on the state income tax returns for those same sales.  weird

Since so many have decided to blame the current administration for needing to pay their taxes, I wonder if it is just one party that has cheated all along?

[maverick1825]

Thanks for response, but just don't want the hassle. Guess getting too old for change, but thanks for your input and have a Merry Christmas

[fern*wood]

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@maverick1825 wrote:

Thanks for response, but just don't want the hassle. Guess getting too old for change, but thanks for your input and have a Merry Christmas

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I've had the hassle of paying my taxes my whole adult life.  I didn't know it was an option or a recent change.

[maverick1825]

Wow, don't think I said I never reported taxes. I have reported as according to the law.  I just said I hate the change and having to do more or different  paper work. I am not a tax cheat or an  illiterate in anything, especially good manners. Please learn to be patient with your elders. Have a Merry Christmas and a Happy New Year and most of all God Bless You. 

[maverick1825]

Like you, I also report any sales to my state too. I agree that both parties have their problems and tax fraud. Just glad I am not nor have ever been a fraud. Wishing you a Merry Christmas and a Happy New Year. God bless.

[iart]

It's horrible!

Not being able to cheat on your taxes anymore... Horrible!

Not being able to undercut honest sellers anymore... Darn libs!

[maverick1825]

I agree with you sir. 

[muttlymob]

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@maverick1825 wrote:

Wow, don't think I said I never reported taxes. I have reported as according to the law.  I just said I hate the change and having to do more or different  paper work. I am not a tax cheat or an  illiterate in anything, especially good manners. Please learn to be patient with your elders. Have a Merry Christmas and a Happy New Year and most of all God Bless You. 

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If you really have been reporting your income as required all along, then there is no huge change in reporting requirements now.  The only change is that your payment processor will send you a 1099 at a lower limit than before.  So you will have one more piece of paper to include in your filing. 

It doesn't add to the paperwork you need to do.  It adds to the paperwork that your payment processor needs to do.

[bearswatching]

Not sure it’s a new tax rule. Just a change to the dollar amount being reported to the IRS. Do you not agree? This will add a few hours a year to paperwork time but surely it can’t add that much time overall. I can see if you use an accountant who charges an hourly rate this might be a financial burden. Hopefully small. We have used TurboTax for years and it is dead-on accurate!

[maverick1825]

Thank you, probably over reacting. Don't think I understood it.

[maverick1825]

Thank you, probably over reacted.

[kensgiftshop]

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@maverick1825 wrote:

So long e-bay. Have been selling on ebay since 1996. Husband and I are 80+. Enjoy going to yard sales (getting excercise and socializing), researching (keeping mind active), selling (making few extra dollars and meeting new people on line). Can't imagine the paper work that would be involved in this new tax rule, so think our e-bay days will end unless rule is overturned. Looking for another hobby.  Thank you JOE BIDEN

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It'll be no more work then it is now, if you're reporting your income like you should be doing.