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Thread: eBay & Paypal - Policies and Practices

  1. #726
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    Quote Originally Posted by DoctorZaius View Post
    any advice on handling 1099-K for ebay sales?
    Report the net income. Just because you were issued a 1099-K doesn't mean that it all was 100% profit.

  2. #727
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    Quote Originally Posted by Randall Flagg View Post
    Quote Originally Posted by DoctorZaius View Post
    any advice on handling 1099-K for ebay sales?
    Report the net income. Just because you were issued a 1099-K doesn't mean that it all was 100% profit.
    "Skeptical scrutiny is the means, in both science and religion, by which deep thoughts can be winnowed from deep nonsense." Carl Sagan

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    Quote Originally Posted by Br!an View Post
    Quote Originally Posted by Randall Flagg View Post
    Quote Originally Posted by DoctorZaius View Post
    any advice on handling 1099-K for ebay sales?
    Report the net income. Just because you were issued a 1099-K doesn't mean that it all was 100% profit.
    Thanks, and thanks.
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    That's a subject that interest me. I am not sure of what precisely is the 1099-k
    But how do you justify a net income if there is a control?

    Wont they have access to the sale, and consider someone should declare the gross income?
    And what does a "net income" means for a declaration? Sale minus shipping minus purchase cost? But can the purchase cost really be deducted for an individual and not a company?
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  5. #730
    Owner Randall Flagg is loved more than Jesus Randall Flagg is loved more than Jesus Randall Flagg is loved more than Jesus Randall Flagg is loved more than Jesus Randall Flagg is loved more than Jesus Randall Flagg is loved more than Jesus Randall Flagg is loved more than Jesus Randall Flagg is loved more than Jesus Randall Flagg is loved more than Jesus Randall Flagg is loved more than Jesus Randall Flagg is loved more than Jesus Randall Flagg's Avatar

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    For the purposes of ebay, anyone who sells 200 or more items on ebay for a combined total of $20,000 or more will be issued a 1099-K.


    Understanding your form 1099-K

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    Gunslinger Apprentice JeremyM will become famous soon enough JeremyM will become famous soon enough JeremyM's Avatar

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    Starting in 2022, the threshold for 3rd party payment processors to issue a 1099-K will be reduced to $600, with no min number of transaction. Section 9674 of the recent stimulus bill included this provision. This includes paypal, venmo, etc as well - though should not apply to F&F transactions (but who knows how paypal, etc will actually report).
    'chaos, mr. who, that is our mode and modus'

  7. #732
    Owner Randall Flagg is loved more than Jesus Randall Flagg is loved more than Jesus Randall Flagg is loved more than Jesus Randall Flagg is loved more than Jesus Randall Flagg is loved more than Jesus Randall Flagg is loved more than Jesus Randall Flagg is loved more than Jesus Randall Flagg is loved more than Jesus Randall Flagg is loved more than Jesus Randall Flagg is loved more than Jesus Randall Flagg is loved more than Jesus Randall Flagg's Avatar

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    Ouch

  8. #733
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    Quote Originally Posted by JeremyM View Post
    Starting in 2022, the threshold for 3rd party payment processors to issue a 1099-K will be reduced to $600, with no min number of transaction. Section 9674 of the recent stimulus bill included this provision. This includes paypal, venmo, etc as well - though should not apply to F&F transactions (but who knows how paypal, etc will actually report).
    Holy shit.

  9. #734
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    Quote Originally Posted by Randall Flagg View Post
    For the purposes of ebay, anyone who sells 200 or more items on ebay for a combined total of $20,000 or more will be issued a 1099-K.


    Understanding your form 1099-K
    Interesting.
    In France, if i remember correctly the emails of ebay, they have to declare to the local IRS if someone sells 20 or more items or a value of 3k
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    Interesting view on it from a seller point of view (replace 'magic cards' with 'books')

    https://www.quietspeculation.com/202...ic-card-sales/

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    Quote Originally Posted by billstand View Post
    Interesting view on it from a seller point of view (replace 'magic cards' with 'books')

    https://www.quietspeculation.com/202...ic-card-sales/
    I mean it effectively ends any motivation I have of selling out of my collection for anything other than cash.

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    Quote Originally Posted by Kingfan24 View Post
    Quote Originally Posted by billstand View Post
    Interesting view on it from a seller point of view (replace 'magic cards' with 'books')

    https://www.quietspeculation.com/202...ic-card-sales/
    I mean it effectively ends any motivation I have of selling out of my collection for anything other than cash.
    Or sending each other the ol' check in the mail!

  13. #738
    Owner Randall Flagg is loved more than Jesus Randall Flagg is loved more than Jesus Randall Flagg is loved more than Jesus Randall Flagg is loved more than Jesus Randall Flagg is loved more than Jesus Randall Flagg is loved more than Jesus Randall Flagg is loved more than Jesus Randall Flagg is loved more than Jesus Randall Flagg is loved more than Jesus Randall Flagg is loved more than Jesus Randall Flagg is loved more than Jesus Randall Flagg's Avatar

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    True.

  14. #739
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    Quote Originally Posted by Kingfan24 View Post
    Quote Originally Posted by billstand View Post
    Interesting view on it from a seller point of view (replace 'magic cards' with 'books')

    https://www.quietspeculation.com/202...ic-card-sales/
    I mean it effectively ends any motivation I have of selling out of my collection for anything other than cash.
    Iím inclined to agree. I started selling more aggressively on eBay last year and this year to try and winnow the collection down a bit, but that appears to be coming to an end next year with this new law. Taxation on profit aside, the burden of establishing profit and loss and history of purchase, etc. is far more than I have the time and interest to take on.

    Itíll be curious to see how this affects book values, by presumably diminishing availability of product.

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    Quote Originally Posted by RC65 View Post
    Quote Originally Posted by Kingfan24 View Post
    Quote Originally Posted by billstand View Post
    Interesting view on it from a seller point of view (replace 'magic cards' with 'books')

    https://www.quietspeculation.com/202...ic-card-sales/
    I mean it effectively ends any motivation I have of selling out of my collection for anything other than cash.
    Iím inclined to agree. I started selling more aggressively on eBay last year and this year to try and winnow the collection down a bit, but that appears to be coming to an end next year with this new law. Taxation on profit aside, the burden of establishing profit and loss and history of purchase, etc. is far more than I have the time and interest to take on.

    Itíll be curious to see how this affects book values, by presumably diminishing availability of product.
    Iíve been reading some of the coin collecting forums and they are really concerned about what this is going to do to the hobby.

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    Does this have any impact on selling via consignment? Can you get around it by selling that way?
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    Quote Originally Posted by amd013 View Post
    Does this have any impact on selling via consignment? Can you get around it by selling that way?
    I mean technically no because you are still making the money but itís harder to trace I guess. Using any of the payment apps is going to become impossible. They are going to start tracking every penny to ensure compliance.

  18. #743
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    time for crypto!
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  19. #744
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    Quote Originally Posted by herbertwest View Post
    That's a subject that interest me. I am not sure of what precisely is the 1099-k
    But how do you justify a net income if there is a control?

    Wont they have access to the sale, and consider someone should declare the gross income?
    And what does a "net income" means for a declaration? Sale minus shipping minus purchase cost? But can the purchase cost really be deducted for an individual and not a company?
    That is the beauty of the US tax system.

    It's vague.

    Gross income minus deductions equals net income.

    So the way it works now is that if you sell over $20000 worth of stuff, the IRS would like to know how much of that was profit and receive the taxes due.

    Remember, you only have to pay taxes on the profit after deductions. Those deductions include expenses and a variety of other things.


    The "variety of other things" is the key to not paying a lot in taxes.

    Taxes in the US are self reported. We are all supposed to pay the taxes we owe. The 1099 doesn't change that. It just sends an alert to the IRS that might be better left unmentioned.
    "Skeptical scrutiny is the means, in both science and religion, by which deep thoughts can be winnowed from deep nonsense." Carl Sagan

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    Quote Originally Posted by Lookwhoitis View Post
    time for crypto!
    Not sure I want to be paid in a wildly volatile 'currency' that is under a ton of government/IRS scrutiny. It's all great until you have to turn it into fiat and then you're either paying the taxes or taking enough of a hit on the spread that you might as well do.

    Reminds me of a line out of Gibson's 'Count Zero'

    "this fact was a grim and accepted constant for the Wig, like death or taxes" ... "(he didn't file, although he paid a Singapore money laundry a yearly percentage that was roughly equivalent to the income tax he would have been required to pay if he'd declared his gross)."

    Not to get way too far off track, but the IRS also makes a distinction between business income and hobby income. You get to pay the taxes either way, but you don't get to claim deductions on a hobby - which means you're not able to deduct the eBay fees to help offset the income. Funny how that works.
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  21. #746
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    Quote Originally Posted by JeremyM View Post
    Not to get way too far off track, but the IRS also makes a distinction between business income and hobby income. You get to pay the taxes either way, but you don't get to claim deductions on a hobby - which means you're not able to deduct the eBay fees to help offset the income. Funny how that works.
    The ebay fees are part of the profit/loss, not a deduction - so you deduct them from the profit.

    Item = Bought for $100
    Sold for $200
    Ebay Fees = $30
    Shipping= $10
    Profit reported and taxed = $60

    The hard part is the accounting - because we'd get a 1099-K with $10,000 on it, let's say, but if we report profit of $50, the IRS might (or might not) ask us to prove that we had $9950 invested in what we sold. If we can't show some sort of documentation for the original cost of the items, THEN we could get in trouble.

    But as long as we can show the original cost of an item, it's fine - we only pay taxes on the true profit of the item, not the selling price. In the real world, if you get a 1099-K that shows $10,000 and you pay taxes on $2500 profit, I don't personally think that would raise a red flag.

    But of course the documentation is the hassle that makes it a pain and makes it less of a hobby than it was before...

    It's also important to remember that this IS a hobby, because if we call it a business, we pay self-employment and social security. The fact that it's a hobby will save us tax money for the most part. (determining whether it is hobby income takes a series of steps that most of us here would fit under)

    (but let's remember that this profit was *always* taxable income. If you weren't paying tax on ebay sales that brought profit, that was and is tax evasion.. this is just the gov't finally wanting their nickels and dimes...sorry/not sorry.)

  22. #747
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    Recieved an email from ebay, telling me that from today onwards i NEED TO link my bank account to my profile, otherwise I cannot sell anything anymore.
    The argument is that this way I get the money directly and save paypal fees, but I remember some members saying earlier that it ends up costing more fees in the end... but have to, in order to sell on ebay.

    (Or maybe it's not true and just a way to push users to activate this)
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  23. #748
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    It's true. If you want to sell on eBay you have to link to a bank account.

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    Quote Originally Posted by herbertwest View Post
    Recieved an email from ebay, telling me that from today onwards i NEED TO link my bank account to my profile, otherwise I cannot sell anything anymore.
    The argument is that this way I get the money directly and save paypal fees, but I remember some members saying earlier that it ends up costing more fees in the end... but have to, in order to sell on ebay.

    (Or maybe it's not true and just a way to push users to activate this)
    No chance would I EVER give eBay my banking info.

  25. #750
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    I just called my banker about this, and she suggested opening another checking account to deal exclusively with E-Bay.
    Which I did.
    Which led to total confusion.
    However, I clicked on CALL ME, E-Bay called within ten seconds, and we straightened the whole thing out in about 7 minutes.
    Now, to see if it works. I have an auction that just ended, the money for it should go into my new account, BUT, it may take 2 days to get there. That's what bugs me.
    At least this way, E-Bay has no access to any of my other bank accounts.
    PayPal had access to my bank account for over 20 years, was owned by E-Bay, and I never had a single problem with Pay-Pal, so I am not too worried.
    I'm sure if there is intelligent life somewhere out there in the universe, they are wise enough to stay away from us.

    And the people bowed and prayed, to the cell phone god they made...

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