topic Re: QUESTION FOR EBAY SELLERS in Community Chat

QUESTION FOR EBAY SELLERS

Tinkrbl44 — Mon, 12 Feb 2024 19:54:49 GMT

It seems we now need to include income from online sales on our tax returns. Not sure, but I believe this began in June of last year.

So .... has Ebay sent you a 1099 ... or did you find one online in your account? I can't find anything about this and have almost finished my taxes.

YES, I plan to call them if I can't locate this, but hate to call if it's right in front of me and I just didn't see it.

Feedback appreciated .......

Re: QUESTION FOR EBAY SELLERS

jackthebear — Mon, 12 Feb 2024 20:01:06 GMT

@Tinkrbl44 wrote:

It seems we now need to include income from online sales on our tax returns. Not sure, but I believe this began in June of last year.

So .... has Ebay sent you a 1099 ... or did you find one online in your account? I can't find anything about this and have almost finished my taxes.

YES, I plan to call them if I can't locate this, but hate to call if it's right in front of me and I just didn't see it.

Feedback appreciated .......

came in the mail and is available to print from the account

Re: QUESTION FOR EBAY SELLERS

TheMemphisVette — Mon, 12 Feb 2024 20:04:53 GMT

As a result, for tax year 2023, only eBay sellers who exceed the current reporting threshold of $20,000 and 200 transactions, had backup withholding applied in 2023, or are residents of states that have a lower reporting threshold will receive a Form 1099-K. For tax year 2024, the IRS announced plans for a $5,000 reporting threshold. We expect further guidance on the tax year 2024 and beyond in the coming months and will keep you in the loop.

Re: QUESTION FOR EBAY SELLERS

cheriere — Mon, 12 Feb 2024 21:52:03 GMT

I haven't sold anything on eBay in years, but I really hate that people now have to report this income, especially for occasional sellers. This is kinda like having to report what you make from a yard sale lol.

I realize there are huge businesses that no doubt make a lot of money on eBay. For these this may be appropriate.

Re: QUESTION FOR EBAY SELLERS

sugarbee — Mon, 12 Feb 2024 23:53:33 GMT

For the tax year 2022 I received a 1099 when I sold right at $3,000.

Strange thing for me this month. I have been selling and buying on ebay for over 20 years. In 2023 I did not sell at all on the site. This January I decided to start selling again. My item was placed in the correct category but did not appear as a sale in that category, which it always had in the past.

I called and spoke to a rep and he said after checking, "since I had not sold for a year that my items would not appear under the main category. It was visible under a secondary category. I must place an item a day for a month to be qualified. It was all down to competion."

I am going to call back and speak to anothr rep. Have any of you encountered this situation or know of a change?

Re: QUESTION FOR EBAY SELLERS

cheriere — Tue, 13 Feb 2024 00:21:15 GMT

@sugarbee That's terrible! I didn't know that was the new practice for selling items either. I have a ton of things I need to get rid of and I'd actually considered using eBay again. But this doesn't sound very promising for me. 😔

Re: QUESTION FOR EBAY SELLERS

Tinkrbl44 — Tue, 13 Feb 2024 02:09:25 GMT

@cheriere wrote:
@sugarbee That's terrible! I didn't know that was the new practice for selling items either. I have a ton of things I need to get rid of and I'd actually considered using eBay again. But this doesn't sound very promising for me. 😔

@cheriere

It's been talked about for at least a few years now. Read post #3 if you haven't already done so.

Some people just like to sell old stuff, and some have made quite the business out of it. I doubt selling some old bracelets puts you in the same category as someone who sells a ton of makeup or books, so go ahead and list at least some of your stuff.

Re: QUESTION FOR EBAY SELLERS

Tinkrbl44 — Tue, 13 Feb 2024 02:13:04 GMT

@TheMemphisVette wrote:
As a result, for tax year 2023, only eBay sellers who exceed the current reporting threshold of $20,000 and 200 transactions, had backup withholding applied in 2023, or are residents of states that have a lower reporting threshold will receive a Form 1099-K. For tax year 2024, the IRS announced plans for a $5,000 reporting threshold. We expect further guidance on the tax year 2024 and beyond in the coming months and will keep you in the loop.

@TheMemphisVette

Whoa! Dropping from $20k to $5k in one year seems a bit odd, even for the iRS.

I looked EVERYWHERE on my ebay account and couldn't find anything.

Of course, after I posted here, I found the secret hidden area and it said there is no report for me for 2023 .... I didn't sell enough to issue a report.

No complaints here.

Re: QUESTION FOR EBAY SELLERS

San Antonio Gal — Tue, 13 Feb 2024 13:43:45 GMT

I didn't sell enough in 2023 to report.

Re: QUESTION FOR EBAY SELLERS

cheriere — Tue, 13 Feb 2024 15:29:39 GMT

@Tinkrbl44 wrote:
@cheriere wrote:
@sugarbee That's terrible! I didn't know that was the new practice for selling items either. I have a ton of things I need to get rid of and I'd actually considered using eBay again. But this doesn't sound very promising for me. 😔

@cheriere

It's been talked about for at least a few years now. Read post #3 if you haven't already done so.

Some people just like to sell old stuff, and some have made quite the business out of it. I doubt selling some old bracelets puts you in the same category as someone who sells a ton of makeup or books, so go ahead and list at least some of your stuff.

Yeah when I read it I found the drop to $5000 required reporting to be kinda extreme.

Re: QUESTION FOR EBAY SELLERS

Tinkrbl44 — Sat, 17 Feb 2024 19:01:45 GMT

@sugarbee wrote:
For the tax year 2022 I received a 1099 when I sold right at $3,000.

Strange thing for me this month. I have been selling and buying on ebay for over 20 years. In 2023 I did not sell at all on the site. This January I decided to start selling again. My item was placed in the correct category but did not appear as a sale in that category, which it always had in the past.

I called and spoke to a rep and he said after checking, "since I had not sold for a year that my items would not appear under the main category. It was visible under a secondary category. I must place an item a day for a month to be qualified. It was all down to competion."

I am going to call back and speak to anothr rep. Have any of you encountered this situation or know of a change?

@sugarbee

If you did call them back, what did they say? If you're unhappy with what the rep told you, ask to speak to their supervisor. I've learned that sometimes escalating your request solves things.

Personally, I'm not concerned that much with the category as I am with the search words used in the title of any auction.

When I'm listing something I've never sold before, I always do a search of the item and pay close attention to the search words in the titles.

However, maybe your situation is different.

Re: QUESTION FOR EBAY SELLERS

CatsyCline — Sat, 17 Feb 2024 20:04:03 GMT

raising hand...dumb question here . so in order to sell on ebay. etsy etc. you then get a 1099. do you provide a SSN on their site? and is it encrypted?

i sold an item on ebay years ago and don't recall giving them my SSN.

i would like to try it again.

Re: QUESTION FOR EBAY SELLERS

sugarbee — Sat, 17 Feb 2024 20:58:09 GMT

@Tinkrbl44I did call back and got another rep and another round of trying to get me to reduce the price which I had already done with the second attempt at selling, etc. etc. etc.

I did mention that I had used a previous template and had just edited as needed. He finally said start from scratch without a template and if it does not appear in two days in the proper category to call them back.

It used to be so simple for me to sell but not the case currently. Tomorrow evening I will do as the rep suggested. It is unbelieveable the suggestions they came up with out of thin air.

Just a tip to all who sell and it have worked for me in previous years. Place your item on Sunday evening around 8:00 p.m. This way you have the rest of Sunday evening, all through the week, and the entire following weekend for people to view and hopefully purchase. So many people visit the sites on weekends only.

Happy selling!

Re: QUESTION FOR EBAY SELLERS

Tinkrbl44 — Sat, 17 Feb 2024 22:17:41 GMT

@CatsyCline wrote:
raising hand...dumb question here . so in order to sell on ebay. etsy etc. you then get a 1099. do you provide a SSN on their site? and is it encrypted?

i sold an item on ebay years ago and don't recall giving them my SSN.

i would like to try it again.

@CatsyCline

I think that when you open an account on ebay the SS is part of the general sign-up information.

You can sell things and never receive a 1099 because the total $ of what you sold didn't meet that threshhold.

For 2023 if you had more than $20,000 in sales or more than 200 sales, you'd get a 1099. Looks like those stats will change for 2024, but until you're selling major stuff, you'll never have to deal with a 1099 and whatnot.

Re: QUESTION FOR EBAY SELLERS

wnygrl585 — Sun, 18 Feb 2024 12:25:03 GMT

Only for a certain amount needs ti be declared

Re: QUESTION FOR EBAY SELLERS

Estellee — Sun, 18 Feb 2024 13:10:48 GMT

@Tinkrbl44 Good information. I only buy on Ebay, have never sold.

Re: QUESTION FOR EBAY SELLERS

Pecky — Sun, 18 Feb 2024 13:37:39 GMT

The IRS first said selling anything over $600 you would need a 1099 for taxes. This is down from $20,000 originally. This includes Poshmark, Ebay, Mercuri, payments with Paypal & Venmo. They really weren't sure how to proceed with it so they lowered this year to $5,000 threshold. They have said in 2025 the threshold will be $600. If you get close to the threshold they will ask for you ss#.

Re: QUESTION FOR EBAY SELLERS

Tinkrbl44 — Sun, 18 Feb 2024 19:53:12 GMT

@CatsyCline wrote:
raising hand...dumb question here . so in order to sell on ebay. etsy etc. you then get a 1099. do you provide a SSN on their site? and is it encrypted?

i sold an item on ebay years ago and don't recall giving them my SSN.

i would like to try it again.

@CatsyCline

Go on ebay and look up your account and see what information is already there. You might have to update a few thing.

Re: QUESTION FOR EBAY SELLERS

CatsyCline — Mon, 19 Feb 2024 01:21:46 GMT

@Tinkrbl44 wrote:
@CatsyCline wrote:
raising hand...dumb question here . so in order to sell on ebay. etsy etc. you then get a 1099. do you provide a SSN on their site? and is it encrypted?

i sold an item on ebay years ago and don't recall giving them my SSN.

i would like to try it again.

@CatsyCline

Go on ebay and look up your account and see what information is already there. You might have to update a few thing.

@Tinkrbl44 no field for SSN. so just need to set up a payment method, which expired ... was a paypal acct. i actually had bid on an item a while ago, but did not win the bid. the seller accepted CC payments

Re: QUESTION FOR EBAY SELLERS

Tinkrbl44 — Mon, 19 Feb 2024 01:28:44 GMT

@CatsyCline wrote:
@Tinkrbl44 wrote:
@CatsyCline wrote:
raising hand...dumb question here . so in order to sell on ebay. etsy etc. you then get a 1099. do you provide a SSN on their site? and is it encrypted?

i sold an item on ebay years ago and don't recall giving them my SSN.

i would like to try it again.

@CatsyCline

Go on ebay and look up your account and see what information is already there. You might have to update a few thing.
@Tinkrbl44 no field for SSN. so just need to set up a payment method, which expired ... was a paypal acct. i actually had bid on an item a while ago, but did not win the bid. the seller accepted CC payments

@CatsyCline

Better to avoid that, if you can. Otherwise this unknown seller has your CC information and even if they are honest, they could be hacked.