mam98031 • Volunteer Community Member • Buyer/Seller since 1999
@kensgiftshop wrote:
@estate_echoes wrote:
@kensgiftshop wrote:
@estate_echoes wrote:
@bonanza125 wrote:"You are not considered a business doing business transactions by simply selling on ebay."
Actually yes you are. Ebay has all information needed for IRS including bank account. Just because Ebay doesn't send a 1099 doesn't mean you don't have to report your income. You still do.
"You cant deduct losses on sales if personal items."
Well you still need to report it. If not it's a transaction linked to your bank account. IRS can see that. If you can't prove the losses then it's considered a profit then.
"Where are you getting this bad info from?"
My advice is not bad. It's facts coming from the IRS themselves and my accountant. You are an individual who chooses more than likely not report personal stuff on your takes. Guess what the IRS can still see your income. Good luck with that.
You are commenting on things you have never done or discussed with your accountant, if you actually have one. It's a big red flag that you thought personal losses should be reported. and now pivot to 'you still need to report' it. Your information is not coming from an accountant or the IRS, nor will you ever be able to provide any.
Selling on ebay does not mean you are running a business. No one will agree with you here
because its obviously that absurd and false. Personal sales are not business sales, regardless of where they take place. This is why they are accounted for separately on your taxes.
You only need to spend a couple minutes of basic research to realize you are mistaken.
Taxes on Ebay Sales: A Factsheet for Sellers - TurboTax Tax Tips & Videos
That doesn't say anything about personal items, just used items.
Used items could be used by anyone.
Perhaps finish reading the sentence? For me it seems like common sense that used items sold at a garage sale are personal items. In case you are still confused, there is a link to the article that can help you.
If you are still confused read the article I gave the link to.
Not all the time, some go to yard sales and buy up a bunch of stuff, then they have a yard sale and make a profit.
Just because they had a yard sale and sold used items, you don't think they should report that income?
Ebay is not a yard sale.
I'm not confused and what I do has been working for 40+ years.
Since you obviously are still confused, and for some reason unable to click the link, let me help you out:
"Not every eBay sale is subject to income tax, but most are. If you use the site to get rid of household articles you've used in the past, you may qualify for "occasional garage or yard sale" treatment. According to the IRS, if your online auction sales are the Internet equivalent of an occasional garage or yard sale, you generally do not have to report income from those sales"
You don't understand how to correctly report sales of personal items. Having done so for 40 years does mean you aren't confused. Besides it's not like the IRS cares about a single sale of $19.00.
@bonanza125 wrote:
"If you intended on repeating unsubstantiated false claims while failing to address refutations, then of course I would disagree."
I am not making false claims. I am not a casual seller in the eyes of the IRS. I still need to report my income from by statements. All money through Ebay and other platforms gets reported. It's not like I have a few items which I found in the attic looking to sell off as if this were a yard sale. I am talking about 20 to 100 and even more items which are being sold through a marketplace. Still needs to be reported.
Did you forget what you said? Why do you keep moving the goal posts from everyone to you?
If you aren't selling personally used items, then of course I agree with you, you are running a business and need to report.
If you were selling personally used items, numbering 20-100, (thats similar numbers one would do in a garage sale), you would generally not need to report without a 1099-k. The IRS does not care where you sell, the reporting requirements are the same if sold online or in a garage sale. The only real difference is the likeliness you get caught if you do something wrong.
However your original claim was that anyone who sells on eBay is running a business, and it's false. As is claiming personal sales at a loss need to be reported. The highlighted statements are false.
General Post.
On Ebay, about 80% of the listings are for new items. While selling personally owned items is something many sellers have done and continue to do, it is not the majority of stuff sold on the site and hasn't been for years.
So while it is important to understand the needs of reporting the sale of personal items, that affects fewer sellers than some seem to think on this thread.
And if you purchase items specifically to resell, whether new or used, you are running a business.
Myth: If taxpayers didn't receive a Form 1099-K, they don't have to report income.
Fact: According to federal law, all income is taxable unless it is specifically excluded by tax law. Taxpayers should report any profits from selling goods or services, regardless of if they receive a Form 1099-K.
https://www.irs.gov/newsroom/irs-never-mind-the-myths-know-the-facts-about-receiving-a-form-1099-k-i...
@mam98031 wrote:General Post.
On Ebay, about 80% of the listings are for new items. While selling personally owned items is something many sellers have done and continue to do, it is not the majority of stuff sold on the site and hasn't been for years.
So while it is important to understand the needs of reporting the sale of personal items, that affects fewer sellers than some seem to think on this thread.
And if you purchase items specifically to resell, whether new or used, you are running a business.
Myth: If taxpayers didn't receive a Form 1099-K, they don't have to report income.
Fact: According to federal law, all income is taxable unless it is specifically excluded by tax law. Taxpayers should report any profits from selling goods or services, regardless of if they receive a Form 1099-K.
https://www.irs.gov/newsroom/irs-never-mind-the-myths-know-the-facts-about-receiving-a-form-1099-k-i...
" that affects fewer sellers than some seem to think on this thread."
No one has said anything about the number of sellers affected. Nor do I see relevance of the number of those affected. But thanks for bringing it up. Lets take a look.
"80% of the listings are for new items"
That's really misleading. "Listings" are not "sellers". And many sellers, like yourself, sell personal items and business items. Pretty sure most of the posters in this thread sell personal items... as do most sellers either on ebay or elsewhere, so what is said applies to you and them.
Sticking to OP's topic of the 1099-k threshold.... even eBay has acknowledged "millions of sellers" affected by the change. And obviously your odd number of 80% of listings being new would be lower for sellers not meeting the threshold.
Of course if you buy to resell that's business and should be reported, just like when you sell personal items for a "profit". No one said otherwise.
And of course the obligatory spam posting still does not mean personal sales have to be reported without a 1099-k. It still says "profits"... personal sales at a loss are not profits.
I stand by what I said. I don't require your approval. You are certainly welcome to your voice, but your voice is NOT the only one.
@mam98031 wrote:I stand by what I said. I don't require your approval. You are certainly welcome to your voice, but your voice is NOT the only one.
Thank you for changing your mind and by now welcoming my voice, after demanding that I not reply. I am not sure why you think yours or anyone else's isn't welcome. Although you fabricated an argument no one but you was having, I still engaged, on topic. You have been and will always be welcome to do the same. Or not.
The number of sellers affected does not change reporting rules. Nor does where the item is sold, despite your prior claims. The rules discussed do apply to you, with or without a 1099-k. I believe you are/were under the incorrect assumption that personal sales get recorded on schedule C? Seems like an important thing to discuss especially when you have people here like @bonanza125 who is telling people they should deduct personal losses. It's easy to understand why someone in these forums would believe something so wrong, given all the bad info given ad nauseum.
@estate_echoes wrote:
@mam98031 wrote:I stand by what I said. I don't require your approval. You are certainly welcome to your voice, but your voice is NOT the only one.
Thank you for changing your mind and by now welcoming my voice, after demanding that I not reply. I am not sure why you think yours or anyone else's isn't welcome. Although you fabricated an argument no one but you was having, I still engaged, on topic. You have been and will always be welcome to do the same. Or not.
The number of sellers affected does not change reporting rules. Nor does where the item is sold, despite your prior claims. The rules discussed do apply to you, with or without a 1099-k. I believe you are/were under the incorrect assumption that personal sales get recorded on schedule C? Seems like an important thing to discuss especially when you have people here like @bonanza125 who is telling people they should deduct personal losses. It's easy to understand why someone in these forums would believe something so wrong, given all the bad info given ad nauseum.
I didn't change my mind on anything. You simply have a double standard. You won't honor the request. You have been very clear about that. But it is your choice to make, being hypocritical.
I have NEVER said you could not voice whatever it is you want to voice. You are confusing two different things. I asked you NOT to respond to MY posts or make posts towards me. But as normal, you misrepresent.
