eBay tax reporting changes

There are Casinos on the Indian reservations in California.

 

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High Property Taxes. Montana has no sales taxes as well.

 

I work all over the US and am usually on a project for a year to 14 months at a time. There are many states that I work in that have no income tax, but the state that I call home does so I still have to pay state income tax even though my income is from out of state.

 

Yeah, not so much. Our house value basically doubled during the first 20-odd years we lived here. In the last year or so, it's gone up a good 40% from that level -- it's estimated close to triple what we originally paid (in 1996).

 

You bet, if you made a profit based on the values of the two coins. Barter is totally taxable, at least in the eyes of the government, and since they're the ones with enforcement power...

 

That's because the government now works for those Fortune 500 companies since the Court ruled that money is speech.

 

Glad I saw this.
Last night I sold 2 coins on eBay for a total of $170.00, I have one more listed and when that sells I'm done.

 

They've been riding the gravy train for a long time now so I will welcome seeing it happen to them. The obscene fees they charge plus them constantly trying to get me to change the way I Market. I would say good riddance.

 

They arent going anywhere. Coins are an insignificant category for them which has much different behavior than other categories. They're still by far and away the best venue for a laundry list of things. Not to mention theyre now getting some of what paypal used to get from them

The fact that in all their stupidity over the years theyre still around shows they're not going anywhere. Theyre the most successful mismanaged company of all time

 

I have to agree with the above. No matter what happens, there is still a need for a venue like eBay and no other competitor can seem to get any market share. Even though these tax changes will create a lot of headaches for people I still think most of them will decide it's worth it in the end. For all the people on this site who swear they'll never use eBay there are still plenty of folks buying and selling coins there.

 

The tax reporting issue doesn't apply to just eBay and other venues will have to follow suit eventually.

 

Fortune 500 companies do not set up dummy headquarters overseas. Their headquarters overseas are set up to support business activity conducted overseas.

 

Facebook disagrees

They already have. Paypal, venmo etc its all the same for them

 

I'm just wondering why someone hasn't jumped into the market with a better mouse trap....there has to be money made on the type business model, just listen to the consumer and not be so dang greedy about the fees.

 

People have tried it just never really goes anywhere. Amazon and Walmart are competition to an extent but they're more geared towards businesses specifically larger ones. eBay has the name recognition at this point and is the 800 pound gorilla that even with FB sales, craigslist, some of the other selling apps no ones been able to take a huge chunk out of eBay.

If Amazon or Walmart really wanted to try and turn into eBay they could, but eBay has been spending their time trying to turn into them so I dont see that happening

 

A childhood friend (guy) of my wife, started buying candy, cigarette, etc. machines and has them all over Wilmington, NC. His only time at his home (single) is when he counts and rolls coins. (I've never approached him about looking at his coins (He's a pain in the butt.) How would a taxing entity figure out that he is making money? Although I am an accountant, I don't do taxes. I did tell him that he needs to get a CPA to help him keep records of his purchases, expenses, and revenue. Somehow, the IRS got wind of his operation and he has been charged with producing records of his operations. I wouldn't want to be in his shoes.

 

My experience is that in the event of an IRS audit, you'll need absolute proof of your basis expenses, OR the IRS will simply tax based on reported gross sales.

I believe the Federal tax correction legally should/would be reported to the residence state for a correction of additionally due state tax.

I believe this tax law change is a huge "cash cow" for both Federal and State, without a tax rate increase.

I don't totally understand how eBay interfaces with the governing tax agencies, as it appears they are collecting
a double gross sales tax on every sale?. A sales tax from both the seller and buyer? I don't know if a resales document is allowed?

I have now stopped buying, as it's difficult to prove that you aren't violating the believed 1986 "money laundering" law.

I believe the current legislative change/application may have a significant effect on internet/B&M? sales.

JMHO

 

Dollar for Dollar "like kind" exchanges without any monetary difference/realized, with identical basis are no longer allowed? Rich