Taxes

[slymaninblack]

For those of you who don’t know, a bill called the SNOOP BILL has been introduced.

https://www.congress.gov/bill/117th-congress/house-bill/6913/all-info

If you are a small time seller who is selling their own personal items at a loss, you know what a pain it will be to have to explain to the IRS what is and isn’t profit, shipping, fees etc…

Small sellers selling their own personal items to recoup money and taxes they already paid are not a business and should not have to go through all the added tax steps and possibly have to hire a cpa. 

Most of us have day jobs and are paying plenty of taxes. We should not have to explain to Uncle Sam that reselling our kids clothes we already paid for is a loss. SMH

Please spread the word about this and support it. Thanks!

[mam98031]

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@fern*wood wrote:

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@espresso_warehouse wrote:

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 I already got the solution on this thread 

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Finally found something on this thread to make me laugh.

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The OP can change that if they want to.

[that_viking_girl]

Whaaa?  I started in January this year and my husband just asked me, and I thought I knew for sure, but he made me double check and I couldnt find it on my page to look up. I will have to go to my email, because I know they sent me something. I wish I was a know it all!! Ha! Thanks!

[farmalljr]

You  can ask a CPA or your tax person.....

IF you get a 1099 from eBay or ANY other processor, you better be including it in your returns. There are some posters here completely clueless what the law actually is. They are advising other people to NOT report the income. That is absolutely FALSE. Ignoring it will lead to great stress. 

You may or may not owe taxes on the money, But you are absolutely required to report it. Failing to do so can and likely will bring you a lot of trouble with the IRS and likely your state too. 

In the end, each of us can do what we want. We will pay the consequences for those decisions too. If YOU get a 1099, the IRS KNOWS about it. It's a formality that can't be denied or claim you didn't know about. 

[anasazirose]

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@espresso_warehouse wrote:

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If you don't like that link I have a dozen others. Attempting to continually discredit well known information for some other narrative is troubling.

 I am very interested in this topic.  I had a discussion with the person doing our taxes last year, so I changed tax people.  Please correct me if I'm wrong, I understand all income from the 1099K from ebay needs reported, but then explained.  One site I saw said to report it on schedule 1 of 1040, part 1 line 8K, then to deduct it on line 24x in part 2 as other adjustments, which are explained.  This is for hobby (NOT business) sales of personal items which were NOT purchased to resale.  Any other links you have would be great.  My husband retired last year and I'm not sure how it works, but for his 1st year of retirement, we have to make less than 18K, not counting retirement funds.  We should be ok but I want to cover all bases. 

[anasazirose]

 I understand all income from the 1099K from ebay needs reported, but then explained.  One site I saw said to report it on schedule 1 of 1040, part 1 line 8K, then to deduct it on line 24x in part 2 as other adjustments, which are explained.  This is for hobby (NOT business) sales of personal items which were NOT purchased to resale.   My husband retired last year and I'm not sure how it works, but for his 1st year of retirement, we have to make less than 18K, not counting retirement funds.  We should be ok but I want to cover all bases. 

[anasazirose]

How are you reporting and zeroing out?  I hate to say the same thing again, but one site i read said on schedule 1 of form 1040, line 8k to report, and part 2 line 24z to deduct and explain the deduction.  I am filing an extension, but am doing some research now.  The tax service we used in the past said all 1099K is reportable AND taxable with NO deductions for anything unless we file as a business and use schedule c.

[kh-stanley1]

Hi everyone,

Due to the age of this thread, it has been closed to further replies. Please feel free to start a new thread HERE if you wish to continue to discuss this topic.

Thank you for understanding.