eBay 1099 issues

[toppcat]

Originally Posted by bnorth

I know several ebayers that when it was 200/20K just used multiple accounts to stay under that threshold.

So structuring....

[bnorth]

Originally Posted by toppcat

So structuring....

Yes, I have noticed it from bigger sellers for years. Now I have noticed the smaller sellers still doing it but with several accounts. Recently I was looking at a bat. I decided maybe if it didn't sell and they relisted it I would make an offer. It got relisted but from another account from the opposite side of the US. When I contacted the seller about it they said it was one of several of their accounts and not to worry they really owned the bat. All I know is I now own the bat.

[Jewish-collector]

How can sellers use different accounts ? It's all tied to the same SSN #, yes ?

[bcbgcbrcb]

Maybe they’re using multiple accounts for other reasons such as the limit of 250 free Buy It Now listings that each eBay seller account gets every month.

[Popcorn]

My daughter inherited some vintage dolls from my mom. She said keep one or two and sell the rest. The rest went for over 1k so she’s gonna get a 1099 for these things that we’re probably $1 in the 1960’s. A lot of folks like this not gonna be happy next April. I’m not a tax expert but wtf man

[raulus]

Originally Posted by Popcorn

My daughter inherited some vintage dolls from my mom. She said keep one or two and sell the rest. The rest went for over 1k so she’s gonna get a 1099 for these things that we’re probably $1 in the 1960’s. A lot of folks like this not gonna be happy next April. I’m not a tax expert but wtf man

Smarts, don’t it!

[Peter_Spaeth]

Originally Posted by Popcorn

My daughter inherited some vintage dolls from my mom. She said keep one or two and sell the rest. The rest went for over 1k so she’s gonna get a 1099 for these things that we’re probably $1 in the 1960’s. A lot of folks like this not gonna be happy next April. I’m not a tax expert but wtf man

She gets a stepped up basis so what they were worth in the 60s is irrelevant. Tax is owed only on any gain from when she inherited them.

[raulus]

Originally Posted by Peter_Spaeth

She gets a stepped up basis so what they were worth in the 60s is irrelevant. Tax is owed only on any gain from when she inherited them.

Assuming they were inherited, and not gifted, then you’re right. If they were gifted, then no step up.

Sometimes grandma will start giving stuff away while she’s still around, which is fine from a sentimental perspective but delivers inferior tax results.