MB1952 Posted January 25, 2023 Share Posted January 25, 2023 I sold over $600 last year on Bay, trying to find tax forms 1099-k I see eBay indicates there's no forms for me? Link to comment Share on other sites More sharing options...
ADAMANTIUM Posted January 25, 2023 Share Posted January 25, 2023 On 1/25/2023 at 2:08 PM, MB1952 said: I sold over $600 last year on Bay, trying to find tax forms 1099-k I see eBay indicates there's no forms for me? It was suspended in legislation until next year so expect one, unless it changes again, next year for 2023 ttfitz 1 Link to comment Share on other sites More sharing options...
ADAMANTIUM Posted January 25, 2023 Share Posted January 25, 2023 On 12/24/2022 at 1:17 PM, awakeintheashes said: IRS announces delay for implementation of $600 reporting threshold for third-party payment platforms’ Forms 1099-K It may have taken a bit, but… On 1/25/2023 at 2:08 PM, MB1952 said: I sold over $600 last year on Bay, trying to find tax forms 1099-k I see eBay indicates there's no forms for me? On 1/25/2023 at 2:16 PM, ADAMANTIUM said: It was suspended in legislation until next year so expect one, unless it changes again, next year for 2023 Link to comment Share on other sites More sharing options...
MB1952 Posted January 25, 2023 Share Posted January 25, 2023 On 1/25/2023 at 12:16 PM, ADAMANTIUM said: It was suspended in legislation until next year so expect one, unless it changes again, next year for 2023 so, this also applies the rest of the platforms. Like mercari,poshmark,whatnot? thanks Link to comment Share on other sites More sharing options...
ADAMANTIUM Posted January 25, 2023 Share Posted January 25, 2023 (edited) On 1/25/2023 at 4:22 PM, MB1952 said: so, this also applies the rest of the platforms. Like mercari,poshmark,whatnot? thanks Ya I'm not translating, but wanted to double check myself so I quoted the link so you can determine Only meant to say check with the taxman, but should explain why you haven't got nor.found a 1099. Edited January 25, 2023 by ADAMANTIUM MB1952 1 Link to comment Share on other sites More sharing options...
Robot Man Posted January 26, 2023 Share Posted January 26, 2023 The deadline for tax forms is end of Jan. I have not received anything by mail or email. Nor can I find anything on eBay or my PayPal account. Does this mean I shouldn’t worry about it this year? ttfitz 1 Link to comment Share on other sites More sharing options...
ADAMANTIUM Posted January 26, 2023 Share Posted January 26, 2023 On 1/26/2023 at 9:51 AM, Robot Man said: The deadline for tax forms is end of Jan. I have not received anything by mail or email. Nor can I find anything on eBay or my PayPal account. Does this mean I shouldn’t worry about it this year? Read the links three posts above your last Link to comment Share on other sites More sharing options...
ADAMANTIUM Posted January 26, 2023 Share Posted January 26, 2023 On 12/24/2022 at 1:17 PM, awakeintheashes said: IRS announces delay for implementation of $600 reporting threshold for third-party payment platforms’ Forms 1099-K It may have taken a bit, but… On 1/26/2023 at 9:51 AM, Robot Man said: The deadline for tax forms is end of Jan. I have not received anything by mail or email. Nor can I find anything on eBay or my PayPal account. Does this mean I shouldn’t worry about it this year? Link to comment Share on other sites More sharing options...
ThothAmon Posted January 26, 2023 Share Posted January 26, 2023 On 1/26/2023 at 10:51 AM, Robot Man said: The deadline for tax forms is end of Jan. I have not received anything by mail or email. Nor can I find anything on eBay or my PayPal account. Does this mean I shouldn’t worry about it this year? My recollection is that no 1099 will be issued if sales are below $20k. All profits from sales, regardless of amount, still must be added to your gross income though. jimjum12, ttfitz, This is Who We Are and 1 other 3 1 Link to comment Share on other sites More sharing options...
jimjum12 Posted January 27, 2023 Share Posted January 27, 2023 On 1/26/2023 at 10:51 AM, Robot Man said: The deadline for tax forms is end of Jan. I have not received anything by mail or email. Nor can I find anything on eBay or my PayPal account. Does this mean I shouldn’t worry about it this year? My 1099 for Paypal just became available a day or so ago. I checked a couple weeks earlier and they weren't there yet. GOD BLESS ... -jimbo(a friend of jesus) Link to comment Share on other sites More sharing options...
Robot Man Posted January 27, 2023 Share Posted January 27, 2023 On 1/27/2023 at 4:23 AM, jimjum12 said: My 1099 for Paypal just became available a day or so ago. I checked a couple weeks earlier and they weren't there yet. GOD BLESS ... -jimbo(a friend of jesus) Where did you see it? Link to comment Share on other sites More sharing options...
jimjum12 Posted January 27, 2023 Share Posted January 27, 2023 On 1/27/2023 at 10:10 AM, Robot Man said: Where did you see it? email. GOD BLESS... -jimbo(a friend of jesus) Robot Man 1 Link to comment Share on other sites More sharing options...
Beastfeast Posted January 31, 2023 Share Posted January 31, 2023 So I received a 1099 from eBay for the first time this year and I'm confused. My sales were a bit under 20k but for some reason, eBay is calculating my sales and adding their fees bumping me above 20k. Is this normal? Why would I pay taxes on their fees? Link to comment Share on other sites More sharing options...
Tnexus Posted January 31, 2023 Share Posted January 31, 2023 (edited) On 1/30/2023 at 8:31 PM, Beastfeast said: So I received a 1099 from eBay for the first time this year and I'm confused. My sales were a bit under 20k but for some reason, eBay is calculating my sales and adding their fees bumping me above 20k. Is this normal? Why would I pay taxes on their fees? As in the initial sale was $100+12.9% (so $112.90), or the sale was $100 and they're counting it as $100 regardless of the 12.9% ($87.10)? If it's the second one, it's up to you to deduct those fees from your business expenses. They also tack on any returns you accrued. Edited January 31, 2023 by Tnexus jimjum12 1 Link to comment Share on other sites More sharing options...
Ryan. Posted January 31, 2023 Share Posted January 31, 2023 Ebay calculates based on gross sales, not net. So, yes, their fees are included for purposes of 1099 calculations. They don't include sales tax in that number, however. ADAMANTIUM and jimjum12 2 Link to comment Share on other sites More sharing options...
BriD. Posted January 31, 2023 Share Posted January 31, 2023 On 1/30/2023 at 10:31 PM, Beastfeast said: So I received a 1099 from eBay for the first time this year and I'm confused. My sales were a bit under 20k but for some reason, eBay is calculating my sales and adding their fees bumping me above 20k. Is this normal? Why would I pay taxes on their fees? I'm a little confused about this as well. Ebay final value fees are deducted from the sale price, correct? The buyer doesn't pay any extra so how would ebay fees result in a higher gross. Is it shipping cost that's included? Link to comment Share on other sites More sharing options...
MultiSig Mike Posted January 31, 2023 Share Posted January 31, 2023 My 1099 arrived broken out for each month. What started as hobby has now become a business and my accountant has advised me to now total all 2022 purchases, sales, materials (tape, paper, ink, gas to PO, etc.). If I bought a book for $400 and sold it 3 months later for $500 with free shipping, how do they determine the net? Link to comment Share on other sites More sharing options...
Ryan. Posted January 31, 2023 Share Posted January 31, 2023 Sale price minus purchase price minus shipping minus fees equals net. ThothAmon 1 Link to comment Share on other sites More sharing options...
s-man Posted January 31, 2023 Share Posted January 31, 2023 On 1/31/2023 at 6:06 PM, Ryan. said: Sale price minus purchase price minus shipping minus fees equals net. Do you have to prove with receipts, etc., what you originally paid for the item? How does it work if you've had books for a long time and no proof of what you paid? MultiSig Mike 1 Link to comment Share on other sites More sharing options...
Ryan. Posted January 31, 2023 Share Posted January 31, 2023 On 1/31/2023 at 6:19 PM, s-man said: Do you have to prove with receipts, etc., what you originally paid for the item? How does it work if you've had books for a long time and no proof of what you paid? No proof. Make your best guess. jimjum12 and ttfitz 2 Link to comment Share on other sites More sharing options...
