nochips Posted March 8, 2021 Share Posted March 8, 2021 (edited) According to this link https://www.jct.gov/publications/2021/technical-explanation-of-section-9674-of-hr-1319/ They want to drop the $20,000 reporting threshold for IRS 1099 reporting to $600.00 a year. That means every ebay seller with total yearly aggregate sales over $600.00 is getting a 1099. That is nuts. This will kill ebay and force people to buy and sell with checks and money orders on non affiliated sites, Facebook, the CGC boards, etc.. This is the government thinking they can raise taxes by going after the guy selling stuff in their basement. Ebay was built on that seller. If this bill passes ebay sales will plummet. I know I will not be selling on there ever again. This will ruin some online portals, just ruin them. Edited March 8, 2021 by nochips mysterymachine, snitzer and OuterBanks 2 1 Link to comment Share on other sites More sharing options...
Popular Post WolverineX Posted March 8, 2021 Popular Post Share Posted March 8, 2021 Just now, nochips said: According to this link HR 1 They want to drop the $20,000 reporting threshold for IRS 1099 reporting to $600.00 a year. That means every ebay seller with total yearly aggregate sales over $600.00 is getting a 1099. That is nuts. This will kill ebay and force people to buy and sell with checks and money orders on non affiliated sites, Facebook, the CGC boards, etc.. This is the government thinking they can raise taxes by going after the guy selling stuff in their basement. Ebay was built on that seller. If this bill passes ebay sales will plummet. I know I will not be selling on there ever again. This will ruin some online portals, just ruin them. Selling my ebay stock today. snitzer, taro90, Von Cichlid and 2 others 5 Link to comment Share on other sites More sharing options...
nochips Posted March 8, 2021 Author Share Posted March 8, 2021 If people are running home based small businesses on ebay they will not like the 600.00 new cap. This will likely cause ebay to shrink and or close down one day. No one will be using them to sell things over $600.00 theCapraAegagrus and WolverineX 2 Link to comment Share on other sites More sharing options...
WolverineX Posted March 8, 2021 Share Posted March 8, 2021 1 minute ago, nochips said: If people are running home based small businesses on ebay they will not like the 600.00 new cap. This will likely cause ebay to shrink and or close down one day. No one will be using them to sell things over $600.00 agreed. I barely use ebay anymore regardless.. Link to comment Share on other sites More sharing options...
nochips Posted March 8, 2021 Author Share Posted March 8, 2021 Just now, Wolverinex said: agreed. I barely use ebay anymore regardless.. I use them all the time but $600.00 is a deal killer for me. I will buy and sell on these boards only, checks and money orders, old school is coming back! No more Venmo, paypal, etc. LDarkseid1, oakman29, garyt1957 and 1 other 4 Link to comment Share on other sites More sharing options...
Popular Post shadroch Posted March 8, 2021 Popular Post Share Posted March 8, 2021 3 minutes ago, nochips said: I use them all the time but $600.00 is a deal killer for me. I will buy and sell on these boards only, checks and money orders, old school is coming back! No more Venmo, paypal, etc. Anything to evade paying your fair share of taxes. How patriotic. Fisionbomb, AGGIEZ, mysterymachine and 5 others 5 1 1 1 Link to comment Share on other sites More sharing options...
William-James88 Posted March 8, 2021 Share Posted March 8, 2021 29 minutes ago, nochips said: According to this link file:///C:/Users/Stuart/AppData/Local/Temp/Technical-Explanation-of-Section-9674-of-HR-1319.pdf They want to drop the $20,000 reporting threshold for IRS 1099 reporting to $600.00 a year. That means every ebay seller with total yearly aggregate sales over $600.00 is getting a 1099. That is nuts. This will kill ebay and force people to buy and sell with checks and money orders on non affiliated sites, Facebook, the CGC boards, etc.. This is the government thinking they can raise taxes by going after the guy selling stuff in their basement. Ebay was built on that seller. If this bill passes ebay sales will plummet. I know I will not be selling on there ever again. This will ruin some online portals, just ruin them. To me ebay was already dead. I only bought one item there the past year and that was just by chance. It is my last resort. The auction format no longer being the main way product is sold was proof enough that the ebay we knew was no longer around. WolverineX 1 Link to comment Share on other sites More sharing options...
Popular Post WolverineX Posted March 8, 2021 Popular Post Share Posted March 8, 2021 (edited) 20 minutes ago, shadroch said: Anything to evade paying your fair share of taxes. How patriotic. I agree that you should always pay your taxes. However, nickel and diming the little guy is not going to pull us out of this huge deficit. The huge corporations and billionaires need be taxed appropriately but they are rich and control the goverment so C’est la vie, n’est pas Edited March 8, 2021 by Wolverinex I like pie, I am not Glenda, Mmanick and 8 others 11 Link to comment Share on other sites More sharing options...
Popular Post The Less Blob Posted March 8, 2021 Popular Post Share Posted March 8, 2021 16 minutes ago, shadroch said: Anything to evade paying your fair share of taxes. How patriotic. it is more the record keeping and tax form filing requirements for a small seller who may not actually make taxable profit overall. SuperGrover, zosocane, jeranimal and 5 others 7 1 Link to comment Share on other sites More sharing options...
Popular Post The Less Blob Posted March 8, 2021 Popular Post Share Posted March 8, 2021 as this is something that could hurt CGC's bottom line (my guess is that heritage already issues 1099's for consignment sales?) it is worth discussing here. let's just try to avoid letting this get political. zosocane, F For Fake, Keys_Collector and 3 others 5 1 Link to comment Share on other sites More sharing options...
THE_BEYONDER Posted March 8, 2021 Share Posted March 8, 2021 4 minutes ago, the blob said: as this is something that could hurt CGC's bottom line (my guess is that heritage already issues 1099's for consignment sales?) it is worth discussing here. let's just try to avoid letting this get political. How is CGC impacted? Link to comment Share on other sites More sharing options...
BigLeagueCHEW Posted March 8, 2021 Share Posted March 8, 2021 If there is no social security number tied to eBay, can't you use a fake name? Link to comment Share on other sites More sharing options...
The Less Blob Posted March 8, 2021 Share Posted March 8, 2021 Just now, THE_BEYONDER said: How is CGC impacted? you don't think vibrant markets like ebay, etc. make cgc books more liquid, etc. and thus increase the demand for encapsulation? if folks just say "F-this" and stop selling on ebay, they're going to have less money (and less reason) to plow into encapsulations. granted, perhaps the high volume slabbers are already going over $20K and have to deal with this anyway. SkOw 1 Link to comment Share on other sites More sharing options...
comicdonna Posted March 8, 2021 Share Posted March 8, 2021 (edited) 13 minutes ago, the blob said: let's just try to avoid letting this get political. Seems I locked the last thread for getting too political, I agree. I am going to allow this new thread, even though I said differently in the other thread . If there are any political posts, Points will be issued. Edited March 8, 2021 by comicdonna zosocane, grebal, KCOComics and 1 other 4 Link to comment Share on other sites More sharing options...
Tnexus Posted March 8, 2021 Share Posted March 8, 2021 It's not just Ebay. Any payment services like Paypal are going to get dinged. Everyone is suddenly going to be keeping meticulous records of their comic purchases to write off. As I believe you have to pay almost 15% in just Social Security/Medicare, this is going to cripple collectables. That's not even including any Federal/State taxes. Link to comment Share on other sites More sharing options...
rjpb Posted March 8, 2021 Share Posted March 8, 2021 I can understand the IRS wanting to lower things fro the $20K/200 sales thresh hold, but it should be higher than $600, which has been the income reporting thresh hold for decades if memory serves. Make it something like $5K/ 50 sales, at which point such income is likely a side business and not just an electronic yard sale. LDarkseid1 1 Link to comment Share on other sites More sharing options...
rjpb Posted March 8, 2021 Share Posted March 8, 2021 6 minutes ago, Tnexus said: It's not just Ebay. Any payment services like Paypal are going to get dinged. Everyone is suddenly going to be keeping meticulous records of their comic purchases to write off. As I believe you have to pay almost 15% in just Social Security/Medicare, this is going to cripple collectables. That's not even including any Federal/State taxes. Unless it really is a side business, you can probably claim such income as capital gains if you are just selling a few books a year out of your collection. You still have to pay tax on profits, but can possibly avoid FICA. Link to comment Share on other sites More sharing options...
F For Fake Posted March 8, 2021 Share Posted March 8, 2021 I wonder if this will be the long foretold "bubble killer". Collectibles have seen unprecedented growth during the pandemic, fueled in a large part by ebay, FB and Instagram sellers, who no doubt use online processors like Paypal and Venmo. A lot of hobbyists became part time "dealers". If they have to start paying 1/2 of their income in taxes, that's going to put a damper on their business, and I'd imagine many will stop selling altogether. Is the party over at the end of the year? The Lions Den, SkOw, zosocane and 1 other 2 2 Link to comment Share on other sites More sharing options...
WolverineX Posted March 8, 2021 Share Posted March 8, 2021 10 minutes ago, F For Fake said: I wonder if this will be the long foretold "bubble killer". Collectibles have seen unprecedented growth during the pandemic, fueled in a large part by ebay, FB and Instagram sellers, who no doubt use online processors like Paypal and Venmo. A lot of hobbyists became part time "dealers". If they have to start paying 1/2 of their income in taxes, that's going to put a damper on their business, and I'd imagine many will stop selling altogether. Is the party over at the end of the year? A big question is selling comics that you've held over a year.. are you charged at a long term capital gains tax rate and how does ebay know? SkOw and F For Fake 2 Link to comment Share on other sites More sharing options...
Popular Post OdinsSecrets Posted March 8, 2021 Popular Post Share Posted March 8, 2021 My sales are definitely well below $20,000, but I reported them last year as sales of capital assets. The tax rates are not that high and it wasn't a huge hassle, but I can see it getting complicated if eBay and PayPal start stepping in and issuing their own 1099s... greggy, Vince G, WolverineX and 3 others 4 2 Link to comment Share on other sites More sharing options...