Quote:
Originally Posted by sreader3
I believe (my opinion of course) that a lot of this decline in eBay sales and sellers has to do with the new 1099 requirement imposed on eBay, PayPal, Zelle, Venmo, etc. to report aggregate annual gross transaction revenues per seller over $600 -- which was part of the 2021 American "Rescue" Plan. The new service/skimming will ultimately not work and just shoo more sellers (and buyers) away from these platforms. It is fair to say that this new 1099 requirement makes unscrupulous sellers who under-report sales pay what they owe; on the other hand, many sellers (myself included) who report their card income to the IRS simply don't want the hassle of receiving a 1099 and will no longer deal with these platforms.
|
If you are already reporting card income, why is receiving a 1099 a hassle? Is it because all that is reported is the total amount sold with no indication of costs (and therefore profit)?