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Old 03-01-2012, 04:34 PM   #1 (permalink)
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Default Yet another ? For the eBay experts thanks!

As a casual seller on eBay, is it a 1099 now ? So if I'm selling a bunch of cards I'm expected to pay in on taxes at the end of the year ? This is cloudy to me . A prime example is I can get something at a whole sale price and if I were to sell through eBay, would I have to pay in. I mean eBay fees paypal fees and then a 1099 would make for minimal profit for the work!

I thought Internet was tax free !!
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Old 03-01-2012, 05:09 PM   #2 (permalink)
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sales tax free.... that how the govt is getting around it by using 1099k... this is not a problem if you can prove all your "expenses"... for example, if you use credit card, show the credit card statement where you have purchase cards... they can only tax you on net gains... like most of us breakers...it usually is not a net gain...LOL!!!
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Old 03-02-2012, 11:19 AM   #3 (permalink)
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believe paypal only sends the 1099 out if you have 200 transactions and $20K worth in proceeds.
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Old 03-02-2012, 01:23 PM   #4 (permalink)
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Whether you get a 1099 or not you are required to pay income tax on gains. You do not have to pay sales tax when you buy from someone out of state at the time of purchase, however you are "supposed" to make up for it on your state taxes at the end of the year.
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