E Bay sellers beware

Not sure I understand here. The buyer hasn't gained anything.

Is this a reference to eBay reporting annual total sales over $600 to the IRS?

I seem to remember that there was also a threshold for itemizing gains to the IRS, but that you're still responsible for paying tax on any gains no matter how small.

 

Log in or Sign up to hide this ad.

Yeah, seems like I remember signs in Vegas informing you that they reported all winnings over $600 to the IRS

 

I won a $100 in free play on a slot tournament and had to fill out paperwork.
I didn't see a .gov helping me win anything.
I used the Freeplay and converted the $100 into $21.
Talk about a return of investment.
Where was my .gov helper picking a better machine?

Problem with all that is records keeping.
Hell the .gov is good at sticking a hand out.

 

Ok I’m clear now. Thanks

 

Sounds like same ny state lottery tax. Win more then 600 and ending up giving half back if your over

 

Easy fix. Tell irs you sell everything for less than what you paid for it.
Because I suck at life! Sorry.

 

Y

You still have to keep records OR the .gov will tax you on the full sales amount.
It sucks used stuff has already been Taxed.
It only benefits the.gov.

 

Everything I own and will own was purchased before this requirement. I will have to make up receipts for them.

 

Yeah. I have history of making bad decisions. A jury wouldn’t even have to leave the room

 

Wow. Great question BUT I bet a terrible answer

 

That was a great question

 

This is a true practice in honesty. All good deeds go etc..

 

I just received a submission back from PCGS. I sent some MBR W's in for grading and received 7 top pops. Guess I'll sell one every couple of years. Unless I can get creative.

 

They got rid of the $600 1099 thing for online sellers for 2022 taxes. They ditched it at the last minute in December. It could be back in effect for 2023 but the hope was that legislation would be put forward this year to raise the threshold back up to something a little more reasonable, like $5k annually as an example. Will they get to it with all that's going on? I'm not betting on it.

 

Well, I did my best. If I received one I'm not opening up the can of worms now to pay to amend over a formality that doesn't require payment or refund in my favor.

 

Taxpayer obligation isn't changing. The 1099 is just a reminder that eBay income is in fact income, the same as it's always been.

 

So glad for you. I mad chased them too. I’m happy with mine also

 

This is why at the track instead of buying a $5.00 trifecta ticket you purchase five $1.00 trifecta tickets.