Taxes in 2022

[sylvercoins]

Ebay will be issuing a 1099 for sellers to report any income over $600 and 1 sale! Starting Jan 1st 2022.

Currently it's 20k and 200 sales. Ebay should have sent every seller of this new tax law but they haven't! If you don't read it in the news your toast! I'm lucky enough to have read it and since closed my ebay store and selling all my coins at my local auctioneer with no tax to report. I'm all done selling on eBay it's becoming a very un lucrative site.

[7606dennis]

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@wildpitchsports wrote:

Omg me too but this time...it's definitely different. Makes all of the other "complaints" about eBay seem like the good ol days. This also probably explains why they went to managed payments and forced everyone on it. It's all clear now.

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I suppose time will tell.

[dbfolks166mt]

     You may want to validate/verify with your local auctioneer that they are not in fact going to issue you a 1099. A lot of items purchased through an auctioneer are paid for with CC's or some other form of electronic payment like PayPal or Venmo. I am pretty sure the auctioneer is not going to simply pay the taxes on the full amount of the gross income when they get the 1099's from the third party financial processors. They are going to have to write off their expenses against that number and that will probably include the amount of money they paid you which the 1099 laws of your particular state may require them to issue a 1099. 

[7606dennis]

Auction businesses are highly regulated in many states and most follow strict rules regarding paperwork and final settlements with their clients.  Many, if not most, put everything in writing to avoid problems later on.  You are correct in you thinking that an auction business is not going to want to burden themselves with paying taxes on the income of their clients.

[chapeau-noir]

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@wildpitchsports wrote:

Omg me too but this time...it's definitely different. Makes all of the other "complaints" about eBay seem like the good ol days. This also probably explains why they went to managed payments and forced everyone on it. It's all clear now.

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Not so much - eBay was forced to divest Paypal by a corporate raider now SIX YEARS AGO - the five year contract for the transition was up in June 2020.  Paypal was not interested in continuing the contract as payment processor.  eBay is the last of the large marketplaces to finally go to a managed payment system.

[nuclearomen]

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@chapeau-noir wrote:

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@wildpitchsports wrote:

Omg me too but this time...it's definitely different. Makes all of the other "complaints" about eBay seem like the good ol days. This also probably explains why they went to managed payments and forced everyone on it. It's all clear now.

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Not so much - eBay was forced to divest Paypal by a corporate raider now SIX YEARS AGO - the five year contract for the transition was up in June 2020.  Paypal was not interested in continuing the contract as payment processor.  eBay is the last of the large marketplaces to finally go to a managed payment system.

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...and they are the fastest to payout. Truth when I was told was going to be entered into MP almost 2 years ago I thought the woes you hear a lot on the boards, but honestly I'm fine with MP, it's worked well with no issues for me, sure I have to wait a day for payment, another day to enter bank...it won't break me to wait two days. All of the bones I can pick with ebay, MP is actually the one I am fine with. 

[dbfolks166mt]

     They are also highly regulated by the IRS at the federal level. Discussion link from TurboTax.

https://ttlc.intuit.com/community/business-taxes/discussion/i-sell-merchandise-on-consignment-do-i-n... 

[wildpitchsports]

True I hated it at first too but it does beat getting that eBay invoice that never seemed to make any sense.

[wildpitchsports]

Yeah auction houses have been sending some kind of tax document for many, many years. It's their nature and credibility at stake. That's huge in that arena. Unless the person you are dealing with is just "saying" they are an auction house and aren't. Which, these days, is completely possible and opens up a can of worms the FBI would be proud of I am sure.

[chapeau-noir]

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@wildpitchsports wrote:

True I hated it at first too but it does beat getting that eBay invoice that never seemed to make any sense.

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I actually really disliked that big smack-down at the end of the month with all of my fees at once.  eBay was the only site I sold on without integrated payments and the rest, everything was just deducted with a rolling balance.  After MP and they integrated everything, it's all just pay as I go. 

It's three days everywhere else to get paid, THEN two more days to transfer to bank account, so yeah, eBay is faster in that respect.  But it's all good as long as I get the money.

[chapeau-noir]

Plop (oh, snap!)

[audiokingman]

BRANDON: "Anyone making $400,000/year or less will not pay one penny more in taxes"

[maverickvar-35]

So what about garage sales? You want those people paying tax as well? If your not making over 100k then it should be ok. People trying to make a little extra money to feed their family should not be a concern, especially when the government takes half your paycheck in taxes and everything is expensive! Gas prices in my area is $4.20 a gallon. Yeah just trying to survive like everyone else. 

[fern*wood]

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@audiokingman wrote:

BRANDON: "Anyone making $400,000/year or less will not pay one penny more in taxes"

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These taxes aren't new, though, they have always been due.  They were put into place years ago.  So if you are paying more now it isn't because of the new lawmakers, but because you are finally following the laws that were already in place.

[robparz59]

This is insanity just because something is a ow doesn’t make it right.. sir didn’t you know you can’t chain your alligator to the light pole..it’s a law it’s just sad how pathetic it is squeezing the small little 600$annually users t

what about the fees? What about the taxes we paid for these goods in the first place? Seems perfectly accurate how we pay a sales tax on an item then sell the same item (say repost something) you will never be able to survive the margins are already so small I sell dolls on mecari and say I get one for around 60+tax fees shipping ect..  and I sell it for let’s say DOUBLE( 120) after everything said and done I might make 10 dollars.. it just hurts my heart I literally everything into my collection/investment but now after all these micro fees/ new old taxes no one enforced are around I’ll surely lose everything I’ve worked so hard for but hey what’s it to me ?

[forward-motion]

I'm interested in what happens to all the sellers like this one in the next year. Maybe it will finally flush out all the low-price cutters and those of us who are trying to make it by doing it right will have a chance now.

You know that box on your tax form that asks, do you have any other income? If it is yes, then checking no is a lie. 

This change is a very good thing!