New Tax law for sellers question 0

[Dave Hummel]

Hi,

Saw both on the news and an online article 

https://www.cnbc.com/2021/03/26/its-going-to-get-harder-to-avoid-telling-the-irs-about-income-from-online-sales.html

How does that affect anyone trying to sell their Comics on eBay? I find it ridiculous that they are doing this instead of collecting more taxes from Corporations instead of blue collar people.

 

Anyone's thoughts on this? It certainly will hamper selling stuff online.

[shadroch]

On 1/7/2022 at 12:42 PM, Dave Hummel said:

Hi,

Saw both on the news and an online article 

https://www.cnbc.com/2021/03/26/its-going-to-get-harder-to-avoid-telling-the-irs-about-income-from-online-sales.html

How does that affect anyone trying to sell their Comics on eBay? I find it ridiculous that they are doing this instead of collecting more taxes from Corporations instead of blue collar people.

 

Anyone's thoughts on this? It certainly will hamper selling stuff online.

Just factor the taxes into your prices, like every business does. 

[jaybuck43]

On 1/7/2022 at 2:42 PM, Dave Hummel said:

Hi,

Saw both on the news and an online article 

https://www.cnbc.com/2021/03/26/its-going-to-get-harder-to-avoid-telling-the-irs-about-income-from-online-sales.html

How does that affect anyone trying to sell their Comics on eBay? I find it ridiculous that they are doing this instead of collecting more taxes from Corporations instead of blue collar people.

 

Anyone's thoughts on this? It certainly will hamper selling stuff online.

You've always been required to report it.  Just because a 1099 wasn't generated doesn't mean you didn't have to report.  Schedule C of the 1040 if you're in the regular sale of goods, Capital gains if it qualifies otherwise.  The only change is that companies are being forced to generate more 1099s.

[revat]

On 1/7/2022 at 11:42 AM, Dave Hummel said:

Hi,

Saw both on the news and an online article 

https://www.cnbc.com/2021/03/26/its-going-to-get-harder-to-avoid-telling-the-irs-about-income-from-online-sales.html

How does that affect anyone trying to sell their Comics on eBay? I find it ridiculous that they are doing this instead of collecting more taxes from Corporations instead of blue collar people.

 

Anyone's thoughts on this? It certainly will hamper selling stuff online.

If for any reason an ebay seller (or anyone who sells things and gets paid through paypal) wasn't previously reporting their sales/income on their tax returns, paypal (and similar companies) will now be reporting your sales directly to the government and sending you a 1099 (previously the reporting thressholds for Paypal were much higher, although technically the seller was always responsible for reporting sales and paying taxes).

[theCapraAegagrus]

On 1/7/2022 at 2:42 PM, Dave Hummel said:

How does that affect anyone trying to sell their Comics on eBay?

"Inflation."