SELLERS ONLY! EBAY sending out 1099-K is ABSURD + gonna waste EONS of time for sellers @ tax time

[rosemary6525]

REAL SELLERS ONLY      NO ANNOYING PEDANTIC moderator/BOTS       Your comments are unwanted and frankly offensive.       To the real sellers only: Gods chosen.   A 1099-K turned in to IRS gonna make you reconcile EVERY sale U had.   You go over the 5K    You sell bunch cheap stuff, say 250 transactions for 6K.   This going to IRS and you have to go over all and   come up with a  COST of EACH item.   Ebay gonna furnish GROSS PROFIT  they huge cut and shipping like you see on seller hub for net sales.    BUTTTTTT   I ain't got a clue what I paid 15 yrs ago for something.    Only things that I know profit on is, FREE AKA things given to me and something recently bought and can see what I paid.

DO the IRS really thing you is gonna tell truth???????   U win $100 on Superbowl bet that taxable.   U played poker 2 times and won $60 report.   You grew and sold tomatoes from you backyard for $$$   

This may shame a few into reporting small profits so reckon it be a small profit to IRS as well as a big job

ALSO for all the Little Goody 2-Shoe bragging about  they report to IRS   why would they not donate those  profit to charity????????????   better giving to Gov to squander

[albertabrightalberta]

What amazes me more than the OP's continual multiple threads and rants about 1099K forms and how upset she is to have to claim her ebay income is the fact that 48 hours after being posted and multiple reports on post #9 , that post is still up giving step-by-step instructions on how to fudge numbers, cheat on taxes, evade taxes, get friends and relatives to lie about prices of items, getting fake receipts, etc. 

Why aren't the mods removing that post?

[mam98031]

@albertabrightalberta 

It is gone now.

[6al_4v]

@mam98031 

...glad to see the post with step by step instructions on tax evasion was finally removed....

As you know, my post on notifying the IRS was removed.... I have read thru the entire Community Guidelines and have not found where my post actually violated anything.

Can you provide a specific link or cut and paste the actual guideline that was violated?

TIA

[bonjourami]

I expect Khoros saw your post as 'baiting', in other words, a threat of what could be done to the op.

[golfingaddict]

I don't think it is a secret that anyone can report a suspected tax cheat, in fact, the IRS rewards the person that reports with 15-30% of any recovered monies.

That is fact, not a threat and not an advertisement and not even a suggestion of anything.  

eBay is fighting the $600 number.  They don't want to make it difficult for the occasional seller and in particular the seller that is selling off a few items that they have accumulated over the years.  I have mixed feelings over it.    I think part of my concern is that there appears to be some sellers who will sell just up to whatever amount that the IRS/government sets, and then stop and wait until the next year to sell.    Anyone that has frequented this board for the last 4-5 years have seen many cases of this.

That is tax evasion and has nothing to do with people selling their children's outgrown clothing or their unneeded items when they are downsizing.  

The OP has some valid complaints between the lines.  For those of us with established businesses, we know how to track expenses and income and fill out the schedule C (etc)   If you do not have all of that experience I suspect it is quite daunting to receive a 1099-K to report your income and your expenses for items that you acquired over the years or outgrown or got tired of.  

This could potentially have an impact on eBay.  Someone downsizing or selling a collection or selling their children's outgrown items and toys will not use eBay to sell in fear of taxes.  This would certainly limit what is available for sale on eBay and could potentially change the eBay landscape. 

That could hurt all of us.

[6al_4v]

@bonjourami 

... ya I forgot where I was for a minute.....

"look the other way" is the new American norm.....

"not my problem- not my job" is another modern trend....

people had ethics and morals years ago but hey... it's "who cares" now.....

[worldcoinauctions]

LOL, it doesn't matter if I get a 1099 or not. I keep track of everything I buy, that is all expense. I keep track of everything I sell. I keep track of what I get from ebay to my bank account (net ebay sales since I buy postage on the site) all my other expenses (rent, supplies, electric, show fees, advertising yada yada). Sum it all up and give it to my accountant. 

You know you don't have to account for each item. I do an inventory and that is what is left over, but it is a sum of value, not a line by line of what exactly I have. Some stuff sells at a loss, that factors in but I don't track it specifically. Some of you need a class in basic accounting for small business.

[oaklandmaryland]

1. there are so many instances where receipts are not possible. 2.I already paid taxes on the items bought and now IRS wants me to pay taxes on items when they sell. Ridiculous!!!

[golfingaddict]

1.  Keep a log with you at all times.  A paper notebook will work or create a file on your phone.  Track what you bought and how much you paid.  eBay sellers have been doing it this way for many, many years.

2. Tax you pay when you purchase an item is sales tax.  Tax you pay when you sell items is income tax.  The two are completely different.  

I'm sorry that no one ever taught basic finance courses in high school or middle school.  Things that should be required are things like "taxes" "compounded interest"  "debt"  "budgeting"  "retirement"   among other things.

[chapeau-noir]

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@6al_4v wrote:

@bonjourami 

... ya I forgot where I was for a minute.....

"look the other way" is the new American norm.....

"not my problem- not my job" is another modern trend....

people had ethics and morals years ago but hey... it's "who cares" now.....

---

You might want to review history - there is nothing new under the sun.

[chapeau-noir]

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@oaklandmaryland wrote:

1. there are so many instances where receipts are not possible. 2.I already paid taxes on the items bought and now IRS wants me to pay taxes on items when they sell. Ridiculous!!!

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@oaklandmaryland  I've cleared some small estates - 'reasonable value' is what is used for all of that stuff that has no receipts.

There's a difference between sales/use tax and federal tax - you have never paid federal tax on those items you sell - you are paying tax ONLY on your profits, and that is after you take all of your legal deductions, which are many.

[mam98031]

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@6al_4v wrote:

@bonjourami 

... ya I forgot where I was for a minute.....

"look the other way" is the new American norm.....

"not my problem- not my job" is another modern trend....

people had ethics and morals years ago but hey... it's "who cares" now.....

---

These sayings and/or responses have been around for decades.  Nothing new in any of the sayings.  I've experienced people that live by those sayings for decades.

[mam98031]

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@oaklandmaryland wrote:

1. there are so many instances where receipts are not possible. 2.I already paid taxes on the items bought and now IRS wants me to pay taxes on items when they sell. Ridiculous!!!

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@oaklandmaryland 

Paying state sales tax is NOT the same thing as Federal income taxes.  Don't confuse the two.