eBay

idakiteman · 10-20-2022

New this year for US citizens who sell on eBay, eBay reports seller's sales above $600 to the IRS on a 1099k, which can trigger tax obligations on sale profits (with Federal and State obligations easily reaching 30-40% of profits). For foreign seller...

idakiteman · 10-20-2022

New this year US tax law now requires eBay to report annual sales over $600 to the US IRS. For individual sellers who are US citizens subject to US Federal and State income taxes, this triggers taxation amounting to 30-40% of reported sales. In other...

idakiteman · 10-24-2022

Regarding this reply: "BTW - you have always been required to report your profit of $400 or more, even without a 1099k."...then why, prior to this year, did eBay issue 1099K's only to sellers having BOTH over $20k in annual sales AND over 200 transac...

idakiteman · 10-21-2022

That is not correct. Read my query. US Federal taxes are not the sole issue. MANY eBay sellers will indeed be paying 30-40% tax on profits because it's quite easy to reach the 22% Federal tax bracket (which, for 2022, begins at taxable income of $41,...

idakiteman · 10-20-2022

More questions: You say: "Foreign sellers are subject to the tax laws in their countries, not US taxes."Does eBay report a foreign seller's sales over $600 to tax authorities in any/all foreign countries?Compared to the US, if taxation is substantial...

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1099 sales reporting to the US IRS

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