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  • Martin
    replied
    Originally posted by RonClinton View Post
    To sell on eBay now, you must use their Managed Payments process, which requires giving them your SS #.
    That makes more sense, so eBay will be the only issuer of 1099 forms related to eBay sales.

    Leave a comment:


  • Sock Monkey
    replied
    Originally posted by RonClinton View Post
    For those who haven’t heard, the tax-reporting threshold for seller funds transacted through eBay, et al will drop from this year’s $20,000 minimum to $600 next year. If you want to moderate any of that tax burden, be prepared to show your original purchase price for each and every item.

    I suspect this will take a lot of private-party aftermarket sellers out of the game...who wants to hassle with that? My selling days will be largely over. Best be prepared for a skimpy private-party aftermarket selection starting next year, which means more buyer competition and higher prices/auctions. Given that many of us get a large chunk of our books this way, the future looks rough for our hobby.
    The drop from $20,000 to $600 is crazy. I understand wanting to close that gap, but that's a huge change. In my opinion the $600 threshold is ridiculously low. It was hard to break even with a book on eBay before, but now this will really sap out the profit. I foresee eBay getting hit pretty hard with casual sellers looking for different platforms and ways to sell their books to avoid this. What a bummer.

    Leave a comment:


  • RonClinton
    replied
    To sell on eBay now, you must use their Managed Payments process, which requires giving them your SS #.

    Leave a comment:


  • Martin
    replied
    Originally posted by Marmaduke Grigsby View Post

    From eBay: "Sellers can accept a variety of safe and secure payment methods on eBay, including credit cards, debit cards, Paypal, and, if you’re a managed payments seller, Apple Pay and Google Pay."
    I have Apple Pay and they do not have my SS#. I do not use it to accept payments. If I set my account to accept payments they may require my SS#. If the legal requirement will be for the payment processor to manage the tax reporting I can see some processors no longer accepting eBay transactions. It will be interesting to see how this plays out. So basically they have modified federal law to ensure they are they are getting taxes from small online sellers but allow for Nike, Amazon, General Electric and many others to legally pay no federal taxes with accounting tricks. Make perfect sense.

    Leave a comment:


  • Marmaduke Grigsby
    replied
    Originally posted by Martin View Post

    I was unaware they required your SS# to receive payments on a sale through PayPal. That is interesting. So if the 1099 is coming from the entity handling the payment that simplifies things for eBay. Can you accept payments from other sources on an eBay sale? If you receive payment via Venmo will they also have your SS#?
    From eBay: "Sellers can accept a variety of safe and secure payment methods on eBay, including credit cards, debit cards, Paypal, and, if you’re a managed payments seller, Apple Pay and Google Pay."

    Leave a comment:


  • Martin
    replied
    Originally posted by Marmaduke Grigsby View Post

    The 1099-K was from PayPal. You have to provide your SS# to them to use PayPal as a seller.
    I was unaware they required your SS# to receive payments on a sale through PayPal. That is interesting. So if the 1099 is coming from the entity handling the payment that simplifies things for eBay. Can you accept payments from other sources on an eBay sale? If you receive payment via Venmo will they also have your SS#?

    Leave a comment:


  • Marmaduke Grigsby
    replied
    Originally posted by Martin View Post

    How did eBay get your SS# to issue a 1099-K?
    The 1099-K was from PayPal. You have to provide your SS# to them to use PayPal as a seller.

    Leave a comment:


  • Martin
    replied
    Originally posted by Marmaduke Grigsby View Post
    Illinois reduced the threshold to $600 last year and I was unaware of it until I got a surprise 1099-K for in the mail from PayPal.

    I had to go back and try to itemize all of my purchases ad expenses, and fortunately I was able to accomplish that so I didn't have to pay taxes on my roughly $10,000 in PayPal funds received. The unfortunate part was that my wife then saw how much I spent on books and comics.

    I will now try to use eBay and PayPal a lot less, but it does hamper my selling ability to do that. It is a Catch 22.
    How did eBay get your SS# to issue a 1099-K?

    Leave a comment:


  • Marmaduke Grigsby
    replied
    Illinois reduced the threshold to $600 last year and I was unaware of it until I got a surprise 1099-K in the mail from PayPal.

    I had to go back and try to itemize all of my purchases and expenses, and fortunately I was able to accomplish that so I didn't have to pay taxes on my roughly $10,000 in PayPal funds received. The unfortunate part was that my wife then saw how much I spent on books and comics.

    I will now try to use eBay and PayPal a lot less, but it does hamper my selling ability to do that. It is a Catch 22.
    Last edited by Marmaduke Grigsby; 05-21-2021, 06:22 PM.

    Leave a comment:


  • Martin
    replied
    Originally posted by RonClinton View Post
    For those who haven’t heard, the tax-reporting threshold for seller funds transacted through eBay, et al will drop from this year’s $20,000 minimum to $600 next year. If you want to moderate any of that tax burden, be prepared to show your original purchase price for each and every item.

    I suspect this will take a lot of private-party aftermarket sellers out of the game...who wants to hassle with that? My selling days will be largely over. Best be prepared for a skimpy private-party aftermarket selection starting next year, which means more buyer competition and higher prices/auctions. Given that many of us get a large chunk of our books this way, the future looks rough for our hobby.
    I believe it will lead to a lot fewer listings on eBay and more sales from forums like this with 'Friends and Family' and other digital money transfers being used to pay. I also believe it will drive the eBay fees associated with selling up as they will be required to manage the income reporting.

    Leave a comment:


  • RonClinton
    replied
    For those who haven’t heard, the tax-reporting threshold for seller funds transacted through eBay, et al will drop from this year’s $20,000 minimum to $600 next year. If you want to moderate any of that tax burden, be prepared to show your original purchase price for each and every item.

    I suspect this will take a lot of private-party aftermarket sellers out of the game...who wants to hassle with that? My selling days will be largely over. Best be prepared for a skimpy private-party aftermarket selection starting next year, which means more buyer competition and higher prices/auctions. Given that many of us get a large chunk of our books this way, the future looks rough for our hobby.

    Leave a comment:


  • Martin
    replied
    Originally posted by Ben Staad View Post
    It's always a bummer when you have to pass on a book due to funds. I have a few pre-orders in that need to be paid for soon and I just don't want to use credit.
    I can sure relate to that.

    Leave a comment:


  • Ben Staad
    replied
    It's always a bummer when you have to pass on a book due to funds. I have a few pre-orders in that need to be paid for soon and I just don't want to use credit.

    Leave a comment:


  • mhatchett
    replied
    you might find some interesting Authors on this site. Bob Leman has a nice write up.
    http://desturmobed.blogspot.com/sear...&max-results=7

    Leave a comment:


  • Brian861
    replied
    Originally posted by Martin View Post

    I had some pretty good shots of the kids bikes and the abandoned restaurant prop. I also had crew working and some giant fans on the backs of semis that I am pretty sure they never had to use. It is windy up there about 360 days a year. I may still stumble upon them but I suspect they are gone.
    I know all about the wind lol

    Leave a comment:

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