eBay and Sales Tax
Nov 18, 2022 11:24:16 #
Something new -
Starting January 1, 2023, eBay and other online marketplaces will be required to issue reports for sellers who have more than $600 in annual sales to the IRS. That means millions of eBay sellers, including those who may only sell a few items a year, will have their sales reported and will need to keep careful records of their t***sactions - even if no taxes are owed. We need your help in asking Congress to amend this law before it goes into effect.
Yes, tell Congress not to collect more taxes. 😆 😂 🤣
Starting January 1, 2023, eBay and other online marketplaces will be required to issue reports for sellers who have more than $600 in annual sales to the IRS. That means millions of eBay sellers, including those who may only sell a few items a year, will have their sales reported and will need to keep careful records of their t***sactions - even if no taxes are owed. We need your help in asking Congress to amend this law before it goes into effect.
Yes, tell Congress not to collect more taxes. 😆 😂 🤣
Nov 18, 2022 11:34:31 #
In store sales are down, internet sales are up, the government wants their "missing" sales tax cut.
And, the IRS wants people to report income of over $600 from sales (ergo the 1099s). They were missing that little bit of taxable income also.
And, the IRS wants people to report income of over $600 from sales (ergo the 1099s). They were missing that little bit of taxable income also.
Nov 18, 2022 11:37:53 #
Longshadow wrote:
In store sales are down, internet sales are up, the government wants their "missing" sales tax cut.
And, the IRS wants people to report income of over $600 from sales (ergo the 1099s). They were missing that little bit of taxable income also.
And, the IRS wants people to report income of over $600 from sales (ergo the 1099s). They were missing that little bit of taxable income also.
I'll show them! I'll sell expensive things for very low prices! I know how to outsmart the government. I refuse to make a lot of money!
Nov 18, 2022 11:42:45 #
jerryc41 wrote:
I'll show them! I'll sell expensive things for very low prices! I know how to outsmart the government. I refuse to make a lot of money!
Nov 18, 2022 11:49:31 #
kufengler
Loc: Meridian, Idaho 83646
Amazon and many (if not all) large online companies started doing this a long time ago. Idaho's sales tax is 6% which has been collected for several years now. I'll have to check my last eBay purchase to see if it was taken out of that.
Nov 18, 2022 12:15:49 #
kufengler wrote:
Amazon and many (if not all) large online companies started doing this a long time ago. Idaho's sales tax is 6% which has been collected for several years now. I'll have to check my last eBay purchase to see if it was taken out of that.
You're talking sales tax. Jerry is talking about people selling stuff on Ebay will be required to report sales income and THEY will have to pay income tax on their profits. So, if you sell your amazing photo art on ebay, you will need to report the sales and profit to the IRS, and then pay income taxes on the profits. This new requirement just makes it simple for the IRS to keep track of sales.
Business ALWAYS had to report sales and profit in fine detail. Small guys on Ebay ignored the law, and it was difficult for the IRS to uncover the tax fraud. At least that's my take. On-line companies have always been required to collect sales taxes even though in the beginning, most did not. Amazon at one time only collected state sales tax if they had physical stores in the state. I think that changed.
Nov 18, 2022 12:19:38 #
BigDaddy wrote:
You're talking sales tax. Jerry is talking about ... (show quote)
Yes if you sell your pictures for $600 you just have to prove that it cost you $1200 for travel and lodging and food to get the pictures so you were selling at a lost. You're going to have to do some creative accounting.
Nov 18, 2022 12:34:01 #
BebuLamar wrote:
Yes if you sell your pictures for $600 you just have to prove that it cost you $1200 for travel and lodging and food to get the pictures so you were selling at a lost. You're going to have to do some creative accounting.
And Big Brother is hiring 87,000 additional IRS agents to make sure the little guys can be better served...
Nov 18, 2022 12:53:36 #
The thing I find interesting is that if you, lets say, buy a chair for $1,400.
You have it for a few years.
You sell it for $700.
The IRS calls that $700 income???
You're getting back half of what you paid out prior. It's not NEW income, just a reduction of expense paid.
(Income taxes were already paid on the $700 when you first received it.)
Now if you sold it for $1,500, yes, one would have $100 of income.
As for sales tax, it might be more appropriately named t***saction tax.....
You have it for a few years.
You sell it for $700.
The IRS calls that $700 income???
You're getting back half of what you paid out prior. It's not NEW income, just a reduction of expense paid.
(Income taxes were already paid on the $700 when you first received it.)
Now if you sold it for $1,500, yes, one would have $100 of income.
As for sales tax, it might be more appropriately named t***saction tax.....
Nov 18, 2022 12:53:55 #
BigDaddy wrote:
And Big Brother is hiring 87,000 additional IRS agents to make sure the little guys can be better served...
Nov 18, 2022 12:58:13 #
Longshadow wrote:
The thing I find interesting is that if you, lets ... (show quote)
You just have to file that you bought it for $1400 so you sold it at a lost you are in a losing business thus no tax. But of course many sell things on Ebay for much more than what they paid for but they just have some how to prove that they paid more. Besides now estate sales are going to issue receipt? because many ebay seller bought their stuff from estate sales and even if they made money they had to prove their cost. They shouldn't have to take the entire sales price as income. Gas is expensive, and estate sales hunting takes a lot of gas (I know because I used to do that before C***d).
Nov 18, 2022 13:00:20 #
BebuLamar wrote:
You just have to file that you bought it for $1400 so you sold it at a lost you are in a losing business thus no tax.
Keep the original receipt.......
Nov 18, 2022 13:04:20 #
Longshadow wrote:
Keep the original receipt.......
But then I bought this cassette deck in 1989 for $1350 and people are offering over $2000 for it. However if I sell it for $2000 I really don't make $650 because my money in 89 is worth a lot more than in 2022. So can I claim inflation????
Nov 18, 2022 13:35:55 #
BebuLamar wrote:
But then I bought this cassette deck in 1989 for $1350 and people are offering over $2000 for it. However if I sell it for $2000 I really don't make $650 because my money in 89 is worth a lot more than in 2022. So can I claim inflation????
The plot thickens........Nov 18, 2022 23:43:56 #
BigDaddy wrote:
And Big Brother is hiring 87,000 additional IRS agents to make sure the little guys can be better served...
Nope, thanks to the incoming Republicans in the House, these gun toating tax collectors will NOT be forth coming.
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