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Old 09-23-2012, 10:55 PM   #1 (permalink)
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Default Ebay 1099s???

Ive heard this next year Ebay will start sending out 1099 to anyone who sells either $1500+ or 200 items. Anyone else heard this? If this happens how does effect you as a buyer/seller and the hobby as a whole?

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Old 09-23-2012, 11:09 PM   #2 (permalink)
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The IRS/Fed is reaching for any pennies it can nab. Next up permits and ledgers required for yard sales.
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Old 09-24-2012, 01:51 AM   #3 (permalink)
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The IRS/Fed is reaching for any pennies it can nab. Next up permits and ledgers required for yard sales.
Yups... they will continue to squeeze every penny out of mid and low-level business while the mega-corporations steal and lose and move billions and trillions outside of the country.
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Old 09-24-2012, 02:09 AM   #4 (permalink)
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Ive heard this next year Ebay will start sending out 1099 to anyone who sells either $1500+ or 200 items. Anyone else heard this? If this happens how does effect you as a buyer/seller and the hobby as a whole?

David
I havent seen anything on this. So now its $1,500 OR 200 items? Would love to see if anyone has a link to anything stating this. Ive searched and cannot find a thing.
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Old 09-24-2012, 10:47 AM   #5 (permalink)
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Wouldn't surprise me and it really shouldn't bother anyone. If you are selling that little of an amount it should be easy enough to come up with or have enough receipts to show a very minimal amount of profit.
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Old 09-24-2012, 10:49 AM   #6 (permalink)
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Wouldn't surprise me and it really shouldn't bother anyone. If you are selling that little of an amount it should be easy enough to come up with or have enough receipts to show a very minimal amount of profit.
It is still more work than most have been doing. You need to chart your expenses, both direct and indirect, unless you want to pay full marginal income tax on all your revenue.
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Old 09-24-2012, 10:52 AM   #7 (permalink)
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It is still more work than most have been doing. You need to chart your expenses, both direct and indirect, unless you want to pay full marginal income tax on all your revenue.
Omg you mean people might have to actually do work!?

Trust me I know. I got a 1099 from PayPal last year for nearly $90,000 in eBay sales. I know the work your talking about. This is also why I think it shouldn't be hard to chart or keep track of a couple thousand dollars.
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Old 09-24-2012, 11:00 AM   #8 (permalink)
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Omg you mean people might have to actually do work!?

Trust me I know. I got a 1099 from PayPal last year for nearly $90,000 in eBay sales. I know the work your talking about. This is also why I think it shouldn't be hard to chart or keep track of a couple thousand dollars.
I wasn't referring to you. I do think most don't keep track. I don't track what I buy, how long I have it, how much I paid for postage, etc. I do sell a card now and then. Selling a few more lately to pay for school.

I don't consider my sales a business. I've sold maybe 350 items on eBay in 13 years of use and purchased over 10,000.

I was commenting on your comment about it not bothering anyone. If the individual doesn't currently keep tabs and doesn't understand how then it will be a bother.

I'm not defending/accusing, just pointing out. I would be shocked if the number who keep track is over 10% of the hobby. I don't consider it difficult, but I don't do it. And I promise you a good portion of the hobby couldn't do it if you hand fed them.
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Old 09-24-2012, 12:10 PM   #9 (permalink)
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Originally Posted by rednecksims View Post
Ive heard this next year Ebay will start sending out 1099 to anyone who sells either $1500+ or 200 items. Anyone else heard this? If this happens how does effect you as a buyer/seller and the hobby as a whole?

David
Didn't affect me at all when it started last year. Every dollar earned is subject to income tax, always been that way, it isn't new. The only thing that's new is that Paypal is now reporting the income to the government.

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The IRS/Fed is reaching for any pennies it can nab. Next up permits and ledgers required for yard sales.
Here in Texas you've already got to buy a permit for a yard sale. At least in the Dallas/Fort Worth/Arlington metroplex. Been that way for quite some time. Ledgers are up to the individual, but better to have them and pay any taxes owed rather than have the tax man show up at the door.
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Old 09-24-2012, 01:09 PM   #10 (permalink)
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Omg you mean people might have to actually do work!?

Trust me I know. I got a 1099 from PayPal last year for nearly $90,000 in eBay sales. I know the work your talking about. This is also why I think it shouldn't be hard to chart or keep track of a couple thousand dollars.
It's exactly hard to keep track off if you are a casual hobbyist ebayer because you don't keep receipts and such around. I don't have any around (but I don't expect to hit the require minimum).

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I wasn't referring to you. I do think most don't keep track. I don't track what I buy, how long I have it, how much I paid for postage, etc. I do sell a card now and then. Selling a few more lately to pay for school.

I don't consider my sales a business. I've sold maybe 350 items on eBay in 13 years of use and purchased over 10,000.

I was commenting on your comment about it not bothering anyone. If the individual doesn't currently keep tabs and doesn't understand how then it will be a bother.

I'm not defending/accusing, just pointing out. I would be shocked if the number who keep track is over 10% of the hobby. I don't consider it difficult, but I don't do it. And I promise you a good portion of the hobby couldn't do it if you hand fed them.
Yups. Exactly.
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Old 09-24-2012, 05:32 PM   #11 (permalink)
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I'm just wondering now that they are being this way how do you think it will effect the hobby.
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Old 09-24-2012, 05:37 PM   #12 (permalink)
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I'm just wondering now that they are being this way how do you think it will effect the hobby.
People will complain but comply.
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Old 09-24-2012, 05:39 PM   #13 (permalink)
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I'm just wondering now that they are being this way how do you think it will effect the hobby.
Do you have any type of article you can link us to that states the change from 20k to $1500?
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Old 09-24-2012, 06:26 PM   #14 (permalink)
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Do you have any type of article you can link us to that states the change from 20k to $1500?
No thats why I asked if anyone had heard it. It came from multiple vendors who set up at the show I was set up at this weekend. They do a lot on Ebay as well. My personal belief is that it will force more to set up at shows or shift to COMC until those are taxed as well. I just hope it doesnt put a dent into the hobby.

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Old 09-25-2012, 01:07 AM   #15 (permalink)
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Last time I checked eBay it said 200 AND 20k, what is the point of the and? They would tax you on 1 sale of 20k wouldn't they? Sorry for the slightly off topic question but if anyone knows, I'm interested in the explanation. As opposed to 20k OR 200 .
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Old 09-25-2012, 02:12 AM   #16 (permalink)
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Last time I checked eBay it said 200 AND 20k, what is the point of the and? They would tax you on 1 sale of 20k wouldn't they? Sorry for the slightly off topic question but if anyone knows, I'm interested in the explanation. As opposed to 20k OR 200 .
The $20,000 AND 200 items is simply for Paypal. This is the threshold where it is mandatory for Paypal to send the information to the IRS. If you sell 1 item for $20,000 there will be no 1099 BUT this does not relieve you of any tax obligation to the IRS that you may have. Hope this helps.
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Old 09-25-2012, 06:53 AM   #17 (permalink)
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The IRS/Fed is reaching for any pennies it can nab. Next up permits and ledgers required for yard sales.
in my township you need a permit for a yard sale and it has to be in a couple weeks in advance
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