Ebay tax reporting drops from $20,000 to $600

Johnny630 · #1 01-26-2022, 12:13 PM

Quote:

Originally Posted by bnorth

It has been discussed many many times recently. I think it already has made a difference it what I buy/watch on eBay. Nobody wants the hassle for selling a few items they no longer use. In our hobby I know a few collectors that sell old stuff they no longer want to buy new items and now a couple have just said F'it and are done collecting.

I mainly wonder what the unlicensed non tax paying "Dealers" are going to do. One I know of still has a ton of stuff listed on eBay.

A lot of private IP cash sales, less ebay and auction house sales.

Fred · #2 01-26-2022, 12:32 PM

Quote:

Originally Posted by Johnny630

A lot of private IP cash sales, less ebay and auction house sales.

Oh boy - and a lot more fraud is on the way... not that fleabay provided a lot of protection from fraud (at either end - buying or selling), but there was something there.

Johnny630 · #3 01-26-2022, 12:39 PM

Quote:

Originally Posted by Fred

Oh boy - and a lot more fraud is on the way... not that fleabay provided a lot of protection from fraud (at either end - buying or selling), but there was something there.

Fraud is acceptable in this industy.

Orioles1954 · #4 01-26-2022, 01:16 PM

I sell about 30-40K per year on ebay (basically a part-time job) and have always reported them on my taxes so it's really no big deal to me.

Touch'EmAll · #5 01-26-2022, 02:03 PM

I sold over $20.k on ebay, 2021. I go to the ebay Account area, see the "tax" section, and see where the 1099-k should be. Just checked today Jan. 26th, still nothing, no 1099-k document showing. I also have not received any ebay tax document in the mail. Have you all yet received or can print the 1099-k from ebay site?

BobC · #6 01-26-2022, 03:26 PM

Quote:

Originally Posted by Touch'EmAll

I sold over $20.k on ebay, 2021. I go to the ebay Account area, see the "tax" section, and see where the 1099-k should be. Just checked today Jan. 26th, still nothing, no 1099-k document showing. I also have not received any ebay tax document in the mail. Have you all yet received or can print the 1099-k from ebay site?

Did you also have 200 or more sales transactions? That was the second threshold to be met in 2021 for a 1099-K to be required.

And technically the 1099s aren't due till 1/31, so they still have a few days.

Vegas Cards · #7 01-26-2022, 03:39 PM

If we now have to pay taxes on gains, can I offset the gains against my losses from collecting in the '80s & '90s? I'm still smarting from my investment in Score and Donruss collector's sets.

Eggoman · #8 01-26-2022, 02:05 PM

Quote:

Originally Posted by Orioles1954

I sell about 30-40K per year on ebay (basically a part-time job) and have always reported them on my taxes so it's really no big deal to me.

+1 - Sounds just like me.... No big deal...

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