Ebay and Taxes - Page 2

Originally Posted by Hiccup

If that is the case, then what is the point of your post and the thread??? You seem to often ask questions that you have either already decided a course of action for, or want to automatically go against the responses you receive.






And which is it do you claim it or not, your like a walking talking contradiction.

I asked to simply get everyones opinion on what they do. if you read one of my last posts in this thread, you will see where I said that.

you see people on here all the time asking peoples opinions.


also in regards to your last statement, you obviously don't really read well. I have already clearly said that I claim EVERYTHING except for gifts and inheritances.

if you believe me to be a walking, talking, contradiction, no one says you have to read my threads.

Originally Posted by directrecycle

Your not selling to either paypal or ebay. you are selling to the buyer of your product. Shouldnt get a 1099 until your fee's hit $600

Well that would only take about a month and a half for me then. The buyers are the lifeblood of my business, i offer free shipping and a 30 day full return policy to keep them happy.


I think they will lower it to $10k and 100 transactions. There are still way too many people flying below the radar.

hmmmm... paypal says this,

"Will I be affected by the 2011 tax changes if I only meet one of the thresholds?

No. A seller has to exceed both IRS thresholds ($20,000 in gross payment volume and 200 separate payments) in a calendar year before a Form 1099-K is required. We may require that you provide a tax identification number before you reach these thresholds however we will only report your payments if you exceed both thresholds."

so it would appear you have to have over $20,000 gross AND 200 separate payments. I was worried! I would hit the 200 payments, but am faaaaaar from the $20,000 gross. BUT this was for last year and who knows if it will change for this year???

Originally Posted by ScrappinRed

hmmmm... paypal says this,

"Will I be affected by the 2011 tax changes if I only meet one of the thresholds?

No. A seller has to exceed both IRS thresholds ($20,000 in gross payment volume and 200 separate payments) in a calendar year before a Form 1099-K is required. We may require that you provide a tax identification number before you reach these thresholds however we will only report your payments if you exceed both thresholds."

so it would appear you have to have over $20,000 gross AND 200 separate payments. I was worried! I would hit the 200 payments, but am faaaaaar from the $20,000 gross. BUT this was for last year and who knows if it will change for this year???

See, I'm the odd opposite to this. I had close to $40,000 in sales last year, but less than 200 payments. What I've found is that with eBay, you are much better off farming big items than small.

Originally Posted by CTscrapman

I woudln't claim anything I didn't have to George. If you didn't hit the thresholds setup by paypal for 2012 why offer Big Brother another way to get into your back pocket? If you were a server at a restaurant and made $200 a night in tips would you claim the whole thing or the minimum allowed? Like others have said those thresholds will more than likely be lowered so take what you can Exxon Mobile style.

IRS has funny ways of biting you in the butt if your not 100% careful. There is some things that you do not have to claim, but I have learned time and time again that you claim anything you can, and do a write off on anything you can as well.

Originally Posted by CTscrapman

I woudln't claim anything I didn't have to George. If you didn't hit the thresholds setup by paypal for 2012 why offer Big Brother another way to get into your back pocket? If you were a server at a restaurant and made $200 a night in tips would you claim the whole thing or the minimum allowed? Like others have said those thresholds will more than likely be lowered so take what you can Exxon Mobile style.

If you DON'T claim everything you earn I wouldn't say that on a public forum. Big Brother is everywhere.

When I drove truck commercially I kind of ignored my taxes for a couple of years fearing what all I would owe. I was hired as a sub-contractor and owned my own truck. I got a friendly letter from the IRS and that's when I went looking for a tax professional in my area of expertise. Long story short I did not end up paying any taxes cause as my prof. explained it,"there's a lot of grey area here".

I'm sure there's quite a bit of grey area here in this industry, just have to be smart enough to recognize it. If not you might as well just hold your billfold open for them and trust them to leave you something,,,,lol
JOKE****

In order to simplify tax collections in the near future the
IRS will issue a new easier to use tax form.
1. How much money did you make this year? _____________
2. SEND IT IN.

you cant avoid a visit from uncle sam if its due. Audit insurance is worth every penny if you are having your taxes professionally prepared.