I detect a little sarcasm there, but I will still go ahead and respond....! The level for the 1099 was at $20,000; and since my annual sales were generally around $9,000, I didn't have to worry about it. Over my twenty years of selling within eBay, I have had two different accountants, and both agreed that it wouldn't be required. Thank goodness because eBay didn't furnish 1099s for anything under $20k (and that goes back to when eBay didn't steal FVFs for shipping costs and state sales taxes...). And of course, trying to determine my costs (for who knows how many of my vinyl products were purchased at what price at local garage/estate sales).
MY QUITTING: I just turned 80....and I supposedly retired (from IBM) back in April 2003. This was 'fun' at that time; and the minor amount of income was nice...not needed...but still nice. Over the past couple of years this has become work (with obviously to bennies...) with such things as (a) Item Specifics that had to be mostly added to each of my then 3,000+ listings; (b) then there was/is the software complaints about "Remove Contact Info.....blah, blah".....for which they furnish any sort of tool to locate whatever in the heck they SUDDENLY didn't like within my 5,000+ listings....and some of those listings go back to 2013/2015/etc.; (c) as of August 31st we now have this new Listing 'Tool' (and NO I don't want to hear from anyone that "this is the same listing tool that eBay released over a year ago, but with improvements". Maybe if that individual is loading an item from scratch, it works fine......but if one uses the "Sell Similar" or "Template" functions, the 'tool' is pitiful....the software was poorly designed!; and (d) now we have this new 1099 threshold of only $600.
Working with my accountant this coming November, I/we will develop a 'game plan' on what and how needs to be gathered to comply with this 2022 tax requirement. The first 'mystery' will be to see what eBay posts as profits/purchases on their 1099 format.....does it falsely claim that the Shipping Cost paid by the Buyer is a profit for the Seller; and/or do they falsely claim that the Sales Tax paid by Buyer is a profit for the Seller. And of course, there will be the sudden challenge to try and figure out what my costs (i.e. vendor built heavy cardboard shipping mailers; what I paid for the items 10-20 years ago; etc.)
So after the first of the year I will closely watch my POTENTIAL 2023 sales amount......when it approaches (probably in February) the new $600 threshold, I will immediately close my store....and worry about my huge currently listed and unlisted vinyl inventory, some other time.
