ebay tax

[McCune]

Q: Will the updated 1099-K Threshold Change apply if I sell personal property, like a couch or an item at a garage sale, for $600 or more if it was sold for less than its original value? Will I be issued a Form 1099-K?

Form 1099-K is an IRS informational tax form that is used to report goods and services payments received by a business or individual in the calendar year. While banks and payment service providers, like PayPal and Venmo are required by the IRS to send customers a Form-1099K if they meet the $600 threshold amount, there are certain amounts that may be included on the form that are generally excluded from gross income and therefore are not subject to income tax. This includes:

Amounts from selling personal items at a loss
Amounts sent as reimbursement
Amounts sent as a gift

So, for example, if you purchased a couch for $1200 and sold it for $800, this amount would not be subject to income tax.

[CamaroNOS]

It does not surprise me with the crazy debts of all our governments. Whats next, Craigslist and Marketplace?

Thank goodness they are about 15 years too late doing it.

Paul

[McCune]

Facebook is already asking info. So yes Marketplace.

[NorCam]

In a year or two from now, Cash Swap Meets will be booming once again. As it always has, cash enterprise will go underground when the greed of government starts attacking all forms of sales and/or side income.

Hershey and Portland will be busier than ever once all this viral $hit comes to an end. I've been hording parts for a while and no longer use eBay for much of anything. Don't think I've sold anything in 2-3 years and plan on keeping it that way.

[x33rs]

I'll bet there are a lot of big ticket items on ebay right now that the sellers are hoping sell before the 1st of the year, LOL

Cars come to mind. Wouldn't surprise me if a bunch get pulled down after new years eve.

Swap meets have always been booming, at least in my eyes. I'm not a fan of internet buying, I like to see and touch what I'm paying for, wait,, that didn't come out right

[RamAirBirds]

The 1099-K reporting is done by any 3rd party that handles the cash transaction for you. If you sell something at a garage sale you would only get this reported if your paid via paypal or similar...
Weather or not you paid 1200 and sold for 800 is up to you to explain / report this on the Schedule C... Of course they wont allow you to take this as a loss...Sounds crazy...yes..all in an effort to get people to explain/show all the financial activity they have...
If you sell something to ANYBODY, ANYWHERE and get paid via EBAy PAy, Paypal, Venmo etc...THIS is what will report to you...Again..They report the TOTAL monies placed into your account..That is all they are responsible to do...YOU have to fill in all the blanks from there...
It is a MASSIVE CHANGE that has taken place from 1 year to the next....
Most people don't even know this is coming. Most people are not even paying attention to what is happening around them...The rest are simply being lied to...Lying by Omission is a horrible thing...
Fasten Your Seat belts...It all changes in 8 days.....
RA

[McCune]

You should see the Taxes we pay to have a brick and mortar building to sell rebuilt alternators and starters. But that is old news.

[Big Block Bill]

Not to rant, but how about $125,000 a year real estate taxes in Crook County Illinois to sell fuel at a Nickel a gallon profit. I paid $12,000 a year back when I bought the place in 1985, now its $10,000 a month

Bill

[jdv69z]

Originally Posted by Big Block Bill

Not to rant, but how about $125,000 a year real estate taxes in Crook County Illinois to sell fuel at a Nickel a gallon profit. I paid $12,000 a year back when I bought the place in 1985, now its $10,000 a month

Bill

Vote with your feet, like the people in CA and NY are doing.

[Big Block Bill]

Very well put, I'm planning on it in a couple of years.

Bill