eBay Tax Statements

[Brian Van Horn]

Keep an eye on H.R. 190

https://atr.org/ways-and-means-passe...-paypal-users/

Passed by the House Ways and Means committee along party lines in September, but didn't come to a vote in the Senate. With Republicans having Congress and the Senate in 2025 the ceiling should go back to $20,000.

[perezfan]

Originally Posted by Brian Van Horn

Keep an eye on H.R. 190

https://atr.org/ways-and-means-passe...-paypal-users/

Passed by the House Ways and Means committee along party lines in September, but didn't come to a vote in the Senate. With Republicans having Congress and the Senate in 2025 the ceiling should go back to $20,000.

That's a huge relief (assuming it is indeed repealed).

[Knightlax5]

They may change it, but the earliest they can change it will be 2025 tax year. Although its more likely with a republican controlled congress could repeal it, I wouldn't bet on it. Both parties want more tax revenue.

[Brian Van Horn]

A further update on H.R. 190.

https://fastdemocracy.com/bill-searc...s/USB00070163/

[bnorth]

Originally Posted by Brian Van Horn

Keep an eye on H.R. 190

https://atr.org/ways-and-means-passe...-paypal-users/

Passed by the House Ways and Means committee along party lines in September, but didn't come to a vote in the Senate. With Republicans having Congress and the Senate in 2025 the ceiling should go back to $20,000.

If it does end up being $20K eBay will come back to life. Even if $5K is the new norm eBay will get a big boost as many will just go back to having multiple accounts using friends/family to open them.

[Brian Van Horn]

Friends and Family may not be an option on eBay.

[bnorth]

Originally Posted by Brian Van Horn

Friends and Family may not be an option on eBay.

I have run across several eBay sellers that do it to stay under eBays reporting numbers.

[Brian Van Horn]

Interesting. That said going back to $20,000 would bring a lot of inventory back to eBay.

[Mark17]

If people pay their taxes as they are required by law to do, it doesn't matter whether or not ebay reports sales. I've been selling on ebay since 1998, and reporting sales on my tax returns, and have had no problems. If I am ever audited, sales records are quite easy to produce.

Bottom line, pay your taxes and sleep well at night.

[Brian Van Horn]

Originally Posted by Mark17

If people pay their taxes as they are required by law to do, it doesn't matter whether or not ebay reports sales. I've been selling on ebay since 1998, and reporting sales on my tax returns, and have had no problems. If I am ever audited, sales records are quite easy to produce.

Bottom line, pay your taxes and sleep well at night.

In complete agreement.

[bobbyw8469]

Originally Posted by Mark17

If people pay their taxes as they are required by law to do, it doesn't matter whether or not ebay reports sales. I've been selling on ebay since 1998, and reporting sales on my tax returns, and have had no problems. If I am ever audited, sales records are quite easy to produce.

Bottom line, pay your taxes and sleep well at night.

I produced sales records and I still got audited. It has been a nightmare. I have zero idea why I was singled out.

[OhioLawyerF5]

Originally Posted by Mark17

If people pay their taxes as they are required by law to do, it doesn't matter whether or not ebay reports sales. I've been selling on ebay since 1998, and reporting sales on my tax returns, and have had no problems. If I am ever audited, sales records are quite easy to produce.

Bottom line, pay your taxes and sleep well at night.

It appears some people think that if they don't get a 1099, they don't have to pay taxes on that income. They are wrong, of course, and will not have a fun time if audited. But they think it anyway.

[notfast]

Originally Posted by bnorth

I have run across several eBay sellers that do it to stay under eBays reporting numbers.

How is this even possible?

[bnorth]

Originally Posted by notfast

How is this even possible?

I have collected silly rare stuff for a very long time. So I notice stuff when listed on different accounts. I will give an example. I was watching a bat. It was ended(BIN) and was then relisted but by a different seller. It was originally listed by a seller in New York. It was relisted by someone in Arizona. So I messaged the original seller to warn them someone else had listed their bat for sale and I was interested in it. They said it was still their bat and just one of their kids accounts they use. I have seen this many many times over the years.