Author Topic: Ebay to start issuing 1099's to sellers in 2022  (Read 5484 times)

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Offline Paul_Maul

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Re: Ebay to start issuing 1099's to sellers in 2022
« Reply #35 on: January 04, 2022, 07:03:51 AM »
There is also a problem with crime. Should we stop everyone on the street and grill them about their daily activities to increase the chances of catching the few bad apples? Democrats used to be the voices raised against this type of arbitrary behavior by the authorities. What ever happened to civil libertarians?

Offline moron_chicken

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Re: Ebay to start issuing 1099's to sellers in 2022
« Reply #36 on: January 04, 2022, 07:56:45 AM »
There is also a problem with crime. Should we stop everyone on the street and grill them about their daily activities to increase the chances of catching the few bad apples? Democrats used to be the voices raised against this type of arbitrary behavior by the authorities. What ever happened to civil libertarians?

Bingo. 

And let's not stop at that, let's go through their cell phones, text message, email too. 

Offline moron_chicken

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Re: Ebay to start issuing 1099's to sellers in 2022
« Reply #37 on: January 04, 2022, 08:01:01 AM »

This will enable going after people who work for cash, and/or who wire money to family members in other countries.  I wonder what constituent base that will hurt? 

Offline NationalSpittoon

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Re: Ebay to start issuing 1099's to sellers in 2022
« Reply #38 on: January 04, 2022, 01:41:58 PM »
There is also a problem with crime. Should we stop everyone on the street and grill them about their daily activities to increase the chances of catching the few bad apples? Democrats used to be the voices raised against this type of arbitrary behavior by the authorities. What ever happened to civil libertarians?

Yes, this is required. Except for illegal immigrants. They’re fine.

This issue isn’t about tax evasion, it’s about the government in the first place. They should not be taking our money (at least not in this magnitude), nor should they be in our business at all!

Offline g.u.e.s.t.

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Re: Ebay to start issuing 1099's to sellers in 2022
« Reply #39 on: January 04, 2022, 02:57:24 PM »
Pretty impressive to blame Trump for something the Biden admin is pushing. The spying on bank account activity is actually part of the Build Back Better bill.

That's exactly right. This IRS overreach is on Biden's watch. Build Back Broke. Not sure why they want even more of our money since they claim these trillion dollar bills are already paid for. Record high inflation is a form of taxation too.

Offline g.u.e.s.t.

  • Posts: 251
Re: Ebay to start issuing 1099's to sellers in 2022
« Reply #40 on: January 04, 2022, 02:59:42 PM »
The Biden family has been a corrupt crime family making millions off the taxpayers for decades, and now Biden wants the IRS to spy on Americans and have access to their measly checking accounts...  what's next Brown Shirts pounding on your door making sure you don't have any money under your bed or too much food in storage?  Yep, it's coming...

Yep. And we thought Jimmy Carter was bad.

Offline g.u.e.s.t.

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Re: Ebay to start issuing 1099's to sellers in 2022
« Reply #41 on: January 04, 2022, 03:01:53 PM »
What is the new law that the Biden admin has put forth to do this?   Did it take a new law?   How do we know Biden is behind this?   Maybe the IRS decided on their own.   I do know that Trump wanted tax breaks for billionaires.   He bragged that it was the best thing his administration did.

Read the build back better bill. It's in there. The IRS is not self governing and doesn't decide what to do on their own.

Offline BattleCaps

  • Posts: 306
Re: Ebay to start issuing 1099's to sellers in 2022
« Reply #42 on: January 04, 2022, 03:24:35 PM »
The tax thing is really just not that big of a deal folks. Saying your done selling on ebay because you have to pay taxes is like saying you refuse to work because you do not want to pay taxes. Yes it sucks I agree but what are you going to do about it?
 I have a seperate bank account for ebay. They deposit my proceeds into that account. All of my shipping comes out of that account.
And yes, you can deduct the "cost of goods" from every sale. Of course you can. No different than any other business. You get a 1099 stating you made $28,000 on ebay last year...you deduct a portion of your cell phone bill, your internet, your space in your house for your office and storage of inventory, your milage on your car to and from garage sales and the post office and such, your COST OF GOODS, your SHIPPING PAID (because ebay counts the shipping you receive from a buyer as income)
and other expenses like boxes, bubble wrap, Rollo Printer, Ring Light......and whatever.....now your taxable income is down to say $12,000.........
Set aside 25% of your sales income for taxes to be safe......it is what it is........still doable.....still fun....

Let me first say that I am not an accountant.

  You are correct that you can deduct your expenses if you classify yourself as a business and not a hobby. The IRS has a distinction for both. If you classify yourself as a business and take deductions on a Schedule C, you will have to pay Social Security and FUTA taxes as well.  As a hobbyist, you can't deduct supplies and travel expenses. I'm sure there are plenty of articles online explaining it, so I would recommend anyone to do that.

  This is going to be one gigantic mess for many people at the end of this year. For most, it won't be worth the hassle.

  The only good thing about it, is that this will crush most of the 'flipper' market that has gotten very large in the past couple of years.

Offline bandaches

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Re: Ebay to start issuing 1099's to sellers in 2022
« Reply #43 on: January 05, 2022, 03:04:24 PM »
If those are the only people they are going to go after, make the threshold $100,000.

There is a gift tax exemption of $16,000 for a given person. There is no way yearly activity less than that could be considered a red flag.
Who said the IRS is gonna pay attention to anybody below a 100000?   I don't like the intrusion but I'm not losing sleep over it, I have much more pressing concerns in day to day life than worrying about something like this. because I know how inept the IRS is from first hand experience.
Contact me at bandaches@yahoo.com as I have tons of wackys for sale!  Visit my website http://www.wackypackage.com/

Offline Alexeirex

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Re: Ebay to start issuing 1099's to sellers in 2022
« Reply #44 on: March 08, 2023, 08:41:42 PM »
Anyone here use Turbotax Deluxe and is trying to report Ebay income without having gotten a 1099 from eBay?
Please contact me!!!
A

Offline JailOJohn

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Re: Ebay to start issuing 1099's to sellers in 2022
« Reply #45 on: March 09, 2023, 07:41:53 AM »
Not looking to add to the political debate here about too many taxes and intrusion, but I CAN state that I got a call from our tax preparer last month asking me how much i paid for the three comic books I sold last year on E-Bay, because that can be deducted from the profit that appeared on my E-Bay 1099. Interestingly enough, the tax preparer took my word on what I paid for them, and I was honest. I keep handwritten records, but had purchased all 3 books before Covid at conventions or from dealers. I easily could have lied about what I paid, and therefore said I had ZERO taxable profit. I wasn't an intentional flipper, but when prices were at record high, and because my family need extra money to cope with runaway inflation, I sold and made several hundred dollars profit. Thank God the Plutocrats running this country want to teach Middle Class tax cheats like me a lesson...
 


Offline Swiski

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Re: Ebay to start issuing 1099's to sellers in 2022
« Reply #46 on: March 09, 2023, 01:11:51 PM »
Anyone here use Turbotax Deluxe and is trying to report Ebay income without having gotten a 1099 from eBay?
Please contact me!!!
A

I never got a 1099 form from eBay either. My sales were not $20,000. Apparently they delayed the "$600 and over in sales" rule until 2023. Here is a chart from eBay...


« Last Edit: March 09, 2023, 01:14:32 PM by Swiski »

Offline JailOJohn

  • Posts: 736
  • Sticking Wackys on Furniture since 1973...
Re: Ebay to start issuing 1099's to sellers in 2022
« Reply #47 on: March 09, 2023, 02:07:53 PM »
I was told that Illinois started doing it last year…

Offline quas

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Re: Ebay to start issuing 1099's to sellers in 2022
« Reply #48 on: March 09, 2023, 02:34:05 PM »
I never got a 1099 form from eBay either. My sales were not $20,000. Apparently they delayed the "$600 and over in sales" rule until 2023. Here is a chart from eBay...



I got one for 2022 and my sales were not even close to $20,000.  Who the heck knows the cost basis of an item purchased in 2006 with a group of other items?  And the annoying part is that they report to the IRS only the gross transactions amount, not the net the seller actually receives after ebay fees.  Sellers never actually receive the gross in the first place.
« Last Edit: March 09, 2023, 02:35:50 PM by quas »
Marc

Offline RawGoo

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Re: Ebay to start issuing 1099's to sellers in 2022
« Reply #49 on: March 09, 2023, 02:44:52 PM »
I got one for 2022 and my sales were not even close to $20,000.  Who the heck knows the cost basis of an item purchased in 2006 with a group of other items?  And the annoying part is that they report to the IRS only the gross transactions amount, not the net the seller actually receives after ebay fees.  Sellers never actually receive the gross in the first place.

OMG, they should correct it to report only what we receive!!

Offline quas

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Re: Ebay to start issuing 1099's to sellers in 2022
« Reply #50 on: March 09, 2023, 02:49:06 PM »
They do provide an Excel spreadsheet with the details of the sales, which shows the ebay fees, but there must be some IRS regulation they are following that says to report the sales at gross.  But IMO, cash is king for purposes of taxes, and we never ever receive the ebay-fees portion of the cash that they are reporting in the gross sales.
Marc

Offline Alexeirex

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Re: Ebay to start issuing 1099's to sellers in 2022
« Reply #51 on: March 09, 2023, 03:14:38 PM »
I never got a 1099 form from eBay either. My sales were not $20,000. Apparently they delayed the "$600 and over in sales" rule until 2023. Here is a chart from eBay...



I won't get one for 2022 but still want to report the ebay income - A