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I haven't sold on eBay in a couple years. Can someone help me with changes/rumors I think I've heard?

1. If I sell a $2,000 item, do I need to file it in my taxes? 

2. They don't take PayPal anymore, right? 

3. What's the current "cut" they will take? (estimate is OK)

 

Anything else to be aware of?

Thanks in advance for the help.

 

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On 11/29/2021 at 9:57 PM, J.Sid said:

I haven't sold on eBay in a couple years. Can someone help me with changes/rumors I think I've heard?

1. If I sell a $2,000 item, do I need to file it in my taxes? 

2. They don't take PayPal anymore, right? 

3. What's the current "cut" they will take? (estimate is OK)

 

Anything else to be aware of?

Thanks in advance for the help.

 

1. likely/depends 

2. as a payment method they do, as a payout method it's ebay's own managed payments

3. for collectibles category it's 12.35%

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On 11/30/2021 at 12:57 AM, J.Sid said:

I haven't sold on eBay in a couple years. Can someone help me with changes/rumors I think I've heard?

1. If I sell a $2,000 item, do I need to file it in my taxes? 

2. They don't take PayPal anymore, right? 

3. What's the current "cut" they will take? (estimate is OK)

  1. As of January 1st, selling anything worth $600+ will get the IRS involved.
  2. They do not payout with PayPal, but it is still an option to pay with.
  3. It's been about 12.5% for me.
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Thanks guys.... one follow-up question: Would the $600+ apply to my cumulative annual total? or is it per sale? (If I sold four $500 items for example)

 

 

On 11/30/2021 at 5:58 AM, theCapraAegagrus said:
  1. As of January 1st, selling anything worth $600+ will get the IRS involved.

 

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On 11/30/2021 at 8:59 AM, J.Sid said:

Thanks guys.... one follow-up question: Would the $600+ apply to my cumulative annual total? or is it per sale? (If I sold four $500 items for example)

 

 

 

it is a total of $600 regardless of how many transactions. 1 book, 2 book, 3 book, once any total is over $600, it will be reported to the IRS.

Starting Jan 1st 2022, so it would reflect in 2023. This year and taxes in 2022 are the same that it has always been (thumbsu 

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On 11/30/2021 at 10:07 AM, ADAMANTIUM said:

it is a total of $600 regardless of how many transactions. 1 book, 2 book, 3 book, once any total is over $600, it will be reported to the IRS.

Starting Jan 1st 2022, so it would reflect in 2023. This year and taxes in 2022 are the same that it has always been (thumbsu 

Seriously? I thought that it was per transaction?

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On 11/30/2021 at 9:09 AM, theCapraAegagrus said:

Seriously? I thought that it was per transaction?

No, it is grand total of any sales, afaik, via ebay for $600, or paypal G&S $600

That is the only way that it is split up to my knowledge, like each platform separately a total of $600; after that amount and regardless of how many transactions, then that platform would report it. 

Edited by ADAMANTIUM
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On 11/30/2021 at 10:11 AM, ADAMANTIUM said:

No, it is grand total of any sales, afaik, via ebay for $600, or paypal G&S $600

that is the only way that it is split up to my knowledge, like each platform a total of $600; after that amount and regardless of how many transactions, then that platform would report it. 

lol

Bye bye eBay as a selling platform for me. I'm heading to the streets.

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On 11/30/2021 at 9:12 AM, theCapraAegagrus said:

lol

Bye bye eBay as a selling platform for me. I'm heading to the streets.

Well just fyi, it's across the board. Even if you say sell on Facebook using PayPal G&S, then it is the same, PayPal will report it to the IRS. Once your total reaches over $600 for a product for sale on any platform it is reported to the IRS.

Which is why some posts are stating that even more will push for F&F, but the posts also reflect, doing that can get an account frozen. etc

My point is it isn't just "ebay" per se, it's across the board. That said, you could sell less than $600 total on ebay and less that $600 through PayPal G&S, for a total of $1199 across the platforms and neither would "report to the IRS" lol 

Edited by ADAMANTIUM
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On 11/30/2021 at 10:17 AM, ADAMANTIUM said:

Well just fyi, it's across the board. Even if you say sell on Facebook using PayPal G&S, then it is the same, PayPal will report it to the IRS. Once your total reaches over $600 for a product for sale on any platform it is reported to the IRS.

Which is why some posts are stating that even more will push for F&F, but the posts also reflect, doing that can get an account frozen. etc

My point is it isn't just "ebay" per se, it's across the board. That said, you could sell less than $600 total on ebay and less that $600 through PayPal G&S, for a total of $1199 across the platforms and neither would "report to the IRS" lol 

I don't accept PayPal G&S in The Streets.

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PayPal to has to report over $600, it isn't just ebay, so if you wanted to do away with it....

It'd have to be in person, cash sales lol 

PayPal will report to IRS, and so will ebay, basically any platform

On 11/30/2021 at 9:18 AM, theCapraAegagrus said:

I don't accept PayPal G&S in The Streets.

It beats friends and family for people you don't know, but ya, networking and building up clientele will be more important than ever, to have trusted sources and be a trusted source.

It also means the Boards too! We only pay with G&S PayPal here, so consider the boards too, will result in PayPal reporting :) 

:canofworms: 

Edited by ADAMANTIUM
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On 11/30/2021 at 9:12 AM, theCapraAegagrus said:

lol

Bye bye eBay as a selling platform for me. I'm heading to the streets.

I mean you can do the right thing and pay your taxes regardless of where you sell? Not sure you want to imply you're trying to dodge taxes on a public forum...

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On 11/30/2021 at 10:22 AM, ADAMANTIUM said:

PayPal to has to report over $600, it isn't just ebay, so if you wanted to do away with it....

It'd have to be in person, cash sales lol 

PayPal will report to IRS, and so will ebay, basically any platform

It beats friends and family for people you don't know, but ya, networking and building up clientele will be more important than ever, to have trusted sources and be a trusted source.

It also means the Boards too! We only pay with G&S PayPal here, so consider the boards too, will result in PayPal reporting :) 

:canofworms: 

I don't accept cash.

I accept Dogecoin, stolen credit cards, and fake SSNs.

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On 11/30/2021 at 10:24 AM, ramrodcar said:

I mean you can do the right thing and pay your taxes regardless of where you sell? Not sure you want to imply you're trying to dodge taxes on a public forum...

The legal thing is not always the "right" thing. Please keep that in mind.

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On 11/30/2021 at 9:26 AM, theCapraAegagrus said:

The legal thing is not always the "right" thing. Please keep that in mind.

lol ok keep digging your hole. Also, make sure when you're house is on fire you don't call the fire department, or when you want to go somewhere you don't use the tax funded roads... Our society and the social contract requires give and take my friend.

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On 11/30/2021 at 10:29 AM, ramrodcar said:

lol ok keep digging your hole. Also, make sure when you're house is on fire you don't call the fire department, or when you want to go somewhere you don't use the tax funded roads... Our society and the social contract requires give and take my friend.

Yes, other people give, and I take.

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