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

[Johnny630]

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]

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]

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]

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]

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.

[mrreality68]

Always more fun at eBay. But the reality government wants their money and if we make it we pay it

[Touch'EmAll]

Thanks for input on 200 sales threshold for 1099-k. Regardless, will report with the best numbers I have.

I have noticed a lack of available nice T206 HOFers and such on ebay - to a large degree has to be a result of PWCC gone. Now if the little guy also tapers back their selling of nice stuff, supply dries up.

[BobC]

Originally Posted by Vegas Cards

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.

Depends! Did you actually file tax returns back in the '80s and '90s reporting capital losses from the sales of all those Score and Donruss sets, and be sure to have had those sets treated and reported as investment assets, and not just as hobby collectibles? Assuming not, the answer would be no. And the statute of limitations to go back now and try to amend those returns passed decades ago. Sorry.

[Tabe]

Originally Posted by BobC

Depends! Did you actually file tax returns back in the '80s and '90s reporting capital losses from the sales of all those Score and Donruss sets, and be sure to have had those sets treated and reported as investment assets, and not just as hobby collectibles? Assuming not, the answer would be no. And the statute of limitations to go back now and try to amend those returns passed decades ago. Sorry.

Can you count as expenses the actual cost of an item? Say you buy a jersey for $60 and sell it for $75 ($67 after Ebay fees) - do you count $7 in income or $67 or $75?

[Eggoman]

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...