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.

[wildpitchsports]

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@malcolm9620 wrote:

I have a question I was hoping someone can answer.  When determining if I made a profit or not on an item that I sold on Ebay am I allowed to deduct the ebay fees that Ebay charges me to determine how much profit I made?  I have the same question for shipping too.  Does shipping enter into the equation or is that something separate that I work out with the buyer?

For example,

I buy a painting for $1000 in 2010 and I sell the painting in 2022 for $2000.  Is my profit $1000?

or

I sell the painting for $2000 and Ebay charges me $250 in Ebay fees.  So is my profit really only $750 for reporting 2022 taxes?

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You can deduct cost of selling from the profit so in this scenerio, 750 is the profit.

[malcolm9620]

Thank you for clarifying.

[my_boston_baked_beans]

Run and hide as this topic is caustic on eBay nothing but hate and negative responses.

Best to research your concerns through online sources (Google) etc. regarding tax changes for 2022

Also, may want to find a friendlier venue to air your tax concerns as this one is NOT....just saying!

[dustyluvluv]

Closed my store. Unlisted all  1200+ items.

Screw the government and ebay.

Should have quit this site long ago. No reselling for me now. 

[downunder-61]

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@my_boston_baked_beans wrote:

Run and hide as this topic is caustic on eBay nothing but hate and negative responses.

Best to research your concerns through online sources (Google) etc. regarding tax changes for 2022

Also, may want to find a friendlier venue to air your tax concerns as this one is NOT....just saying!

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I doubt any venue where some are actively admitting they are flouting tax laws when others are following the laws as required, and have been since they began on eBay,  will be much friendlier.

What are responders supposed to do ? Molly coddle these uninformed posters ?

Tell all these people that think they never had to declare income over $20,000 / $600 to carry on doing what they are doing ?

That would be reprehensibly false information.

Run / hide........

[wildpitchsports]

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@my_boston_baked_beans wrote:

Run and hide as this topic is caustic on eBay nothing but hate and negative responses.

Best to research your concerns through online sources (Google) etc. regarding tax changes for 2022

Also, may want to find a friendlier venue to air your tax concerns as this one is NOT....just saying!

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Yeah this community sure has changed over the years. Do some google searching and I can tell you there are no shortage of online forums or YouTube videos with thousands of people that share your point of view.

Consider yourself lucky to be aware, you're in the 1% that are. The rest will find out the hard way in 2023 when they get that 1099K.

[dq3141]

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@dustyluvluv wrote:

Closed my store. Unlisted all  1200+ items.

Screw the government and ebay.

Should have quit this site long ago. No reselling for me now. 

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On the bright side, now you can wear a new hat every day.

[nuclearomen]

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@downunder-61 wrote:

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Run / hide........

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😆 

[varebelrose]

"I don't feel that paying for national defense, police protection, roads to drive on, is theft. Do you?"

Yes.  Of course, if your user name refers to John Keynes, I already know where you stand, so no need to rebut.

[keynesguy]

It's a 50/50 combination of Maynard G. Krebs and J. Maynard Keynes.

[mnsportsguy]

Not exactly. Many of us have hobbies or old stuff to sell and don't save receipts on every little thing we buy. I buy hundreds of sports cards every year and sometimes sell cards as my collecting habits change. At best I break even after fees are taken out, but most of the time it's at a slight loss. If I continue to sell, I'm going to get a stupid form that says I made $5000 for example, when in reality I probably took a $500 loss. 50-60% of ebay sellers probably fall into this category and are going to get hammered with a huge tax bill at the end of the year because of the change even though most are probably losing money or breaking even.

[keynesguy]

Let's be clear. The US has a self-reporting tax system. That means the IRS relies primarily the taxpayer's own bookkeeping records.  So keep records to show that sales were at a loss.  If you don't have receipts for goods you purchased years ago, which will often be the case, make a good faith effort to generate written (or computer) records based on your honest recollection. Do it now, before you are audited.

[colorado_sports]

I'm with you!!!!  I suppose if folks continue selling they're going to have to put some monies back for taxes. Sucks!!!!  Ebay. Etsy, Amazon, etc is going to lose a ton of customers/business. I wrote my congressman and got one of those canned answers. Wonderful.  Oh well, in 100 years who's gonna care anyway 

[colorado_sports]

Good deal!!!!  Smart. 

[colorado_sports]

Good point, and quite truthful. 👏