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01-31-2023, 11:47 AM | #1 |
Toastmaster Joe
Join Date: Oct 2011
Location: In the fertile Eurotas valley of Laconia
Posts: 2,026
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EDIT - it turns out the IRS notice on postponement is not a blanket application meaning depending on the state of residence sellers may or may not receive a form 1099-K. So it's state taxable income (varies by state) but not taxable income for federal tax purposes for another year. I can just see how messy it'll get next year!
--------------------------------------------------------------- I know it's a boring but nonetheless important topic. So I recall IRS Notice 2023-10 back on December 23, 2022 that pretty much delays the requirement for electronic payment networks (eBay, PayPal, Venmo and the like) to report transactions over $600 to the IRS on Form 1099-K for another year. So $20,000 and 200 transactions thresholds remain in place through December 31, 2023. That said, I received a 1099-K form where the numbers clearly show I haven't met the current thresholds. Does it mean that the amount is taxable and has already been reported even if it clearly doesn't meet the thresholds, or the forms are still going out as required by law for third party information reporting purposes which by the way hasn't happened in prior year? Is anyone in the same boat? Any info would be very much appreciated! Last edited by paokole; 01-31-2023 at 12:55 PM.. |
01-31-2023, 04:14 PM | #2 |
A Cimmerian
Join Date: Jun 2016
Location: Mountain of Power
Posts: 11,075
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If we've got the forms, then so does the IRS. Doesn't mean it's taxable. The whole thing is ludicrous. Soon, they'll be taxing change if you don't have exact cash at the store.
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01-31-2023, 05:07 PM | #3 |
He Who Remains
Join Date: Jun 2016
Location: Florida
Posts: 9,378
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I did about $19,500 in eBay sales last year, so just a little under the 20,000 threshold. I live in a state (FL) with no state income taxes. I have not yet received a form.
I'm going to claim the income regardless, because, well, it's $19,000+!! LOL Too much to try and sweep under a rug. Last year's return was my first year claiming my ebay sales income. It's a pain in the ass to do, but you can whittle the net profit down nice and low if you've been saving receipts and what not. It didn't affect my overall tax amount due very much at all.
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01-31-2023, 05:10 PM | #4 |
A Cimmerian
Join Date: Jun 2016
Location: Mountain of Power
Posts: 11,075
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Quote:
I did about $19,500 in eBay sales last year, so just a little under the 20,000 threshold. I live in a state (FL) with no state income taxes. I have not yet received a form.
I'm going to claim the income regardless, because, well, it's $19,000+!! LOL Too much to try and sweep under a rug. Last year's return was my first year claiming my ebay sales income. It's a pain in the ass to do, but you can whittle the net profit down nice and low if you've been saving receipts and what not. It didn't affect my overall tax amount due very much at all.
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01-31-2023, 05:21 PM | #5 |
He Who Remains
Join Date: Jun 2016
Location: Florida
Posts: 9,378
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Quote:
If you didn't get the form, I probably wouldn't bother with it. If you do get the form, well, yeah you probably have to claim it, which is a damn shame.
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01-31-2023, 05:27 PM | #6 |
Toastmaster Joe
Join Date: Oct 2011
Location: In the fertile Eurotas valley of Laconia
Posts: 2,026
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Quote:
I did about $19,500 in eBay sales last year, so just a little under the 20,000 threshold. I live in a state (FL) with no state income taxes. I have not yet received a form.
I'm going to claim the income regardless, because, well, it's $19,000+!! LOL Too much to try and sweep under a rug. Last year's return was my first year claiming my ebay sales income. It's a pain in the ass to do, but you can whittle the net profit down nice and low if you've been saving receipts and what not. It didn't affect my overall tax amount due very much at all. Smart reporting that income though, I'd do the same and make sure that net profit is well mitigated. If you have the form then you can support those costs with receipts (+ depreciated value of used phones) etc then you can come out of this with net loss. Last edited by paokole; 01-31-2023 at 05:29 PM.. |
01-31-2023, 06:27 PM | #7 |
Hisstank.Com General
Join Date: Jun 2013
Location: Brooklyn NY!
Posts: 5,239
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Quote:
Quote:
Quote:
It sounds like you've been busy with 19,500 eBay sales!! I don't think you'll receive a form as this year's forms are generated based on zip code/state - Florida being a no income tax state. You'll get one next year unless you plan on bringing the sale trend down to $599.
Smart reporting that income though, I'd do the same and make sure that net profit is well mitigated. If you have the form then you can support those costs with receipts (+ depreciated value of used phones) etc then you can come out of this with net loss. The software will really help you wittle down that tax bill. To Beach?s point there are a lot of deductions that you’re entitled to once big brother sticks your with that tax bill. Printer ink, a percentage of utility bills, home rent or mortgage/ property taxes, shipping supplies, shipping costs etc. Also if you plan on doing that level of sales as a habit get yourself an LLC (takes about an hour online) and you can open a Solo 401K (as an employer of yourself) on top of any 401k you may have at your day job. Turn those toys sales into tax free gains.
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Visit my vintage Joe restoration page! https://www.flickr.com/photos/131988164@N07/albums Cross Country's super smooth feedback thread. http://www.hisstank.com/forum/buy-se...ml#post4456308 Currently available Hasbro items. PM me for your prices (DO NOT be discouraged by the listing prices) https://www.ebay.com/sch/i.html?_dkr...nirtoys&_oac=1 Last edited by Cross Country; 01-31-2023 at 07:27 PM.. |
01-31-2023, 07:35 PM | #8 |
Reptilian Ninja
Join Date: Jul 2009
Location: Jacksonville, Fl
Posts: 15,964
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Umm.. How do you see the total of last years sales?
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01-31-2023, 07:43 PM | #9 |
A Cimmerian
Join Date: Jun 2016
Location: Mountain of Power
Posts: 11,075
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Quote:
Fellas, If you?ve sold enough to trigger a 1099 I highly recommend getting some online software for at home or sole proprietor/small business owners if you don?t have your taxes done by a professional.
The software will really help you wittle down that tax bill. To Beach?s point there are a lot of deductions that you?re entitled to once big brother sticks your with that tax bill. Printer ink, a percentage of utility bills, home rent or mortgage/ property taxes, shipping supplies, shipping costs etc. Also if you plan on doing that level of sales as a habit get yourself an LLC (takes about an hour online) and you can open a Solo 401K (as an employer of yourself) on top of any 401k you may have at your day job. Turn those toys sales into tax free gains. EBay actually notes on the 1099 that generally goods sold at a loss do not have to be claimed. But your right- if I can dig up receipts, I could claim a loss
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AxonRey’s Servicable Customs (perpetually under construction): http://www.hisstank.com/forum/g-i-jo...masterhub.html Customizer’s Water Cooler (All Purpose Custom Talk): http://www.hisstank.com/forum/g-i-jo...ml#post5316347 BST: https://www.hisstank.com/forum/g-i-j...rey-b-s-t.html Last edited by AxonRey; 01-31-2023 at 07:53 PM.. |
01-31-2023, 10:46 PM | #10 |
Hisstank.Com General
Join Date: Jun 2013
Location: Brooklyn NY!
Posts: 5,239
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The main selling page will tell you for the current year. For the previous years I?d look for a tax document tab but I get a 1099 each year and just go by that. Quote:
I "made" 1600 this year across 4 transactions (3 used phones, and the Galactus figures). I think everyone gets the form. I am not an active seller
EBay actually notes on the 1099 that generally goods sold at a loss do not have to be claimed. But your right- if I can dig up receipts, I could claim a loss From what I understand that $600 and over law did not flow through so I?m not sure what triggers that 1099 now. Last year was the first year that I got one myself. Prior to last year I only did about 10 grand a year and not gotten one. For anyone who gets that damned 1099 I use Turbo tax home office. It?s about $100. It allows for w2s from your day job and a non S Corp, owner/operator side hustle. It has a step by step deduction system for that schedule C. As a first time dealing with it last year I found it really helpful and set my nerves at ease. I?m not a CPA by any means but am happy to answer any PMs if anyone has any questions about filing taxes for an EBay 1099.
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Visit my vintage Joe restoration page! https://www.flickr.com/photos/131988164@N07/albums Cross Country's super smooth feedback thread. http://www.hisstank.com/forum/buy-se...ml#post4456308 Currently available Hasbro items. PM me for your prices (DO NOT be discouraged by the listing prices) https://www.ebay.com/sch/i.html?_dkr...nirtoys&_oac=1 Last edited by Cross Country; 01-31-2023 at 11:22 PM.. |
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