New tax law for B/S and eBay sellers....

[Krish the Fish]

I foresee a rise in people accepting money orders/cash/check via mail.

 

[frenchy]

Originally Posted by Krish the Fish

I foresee a rise in people accepting money orders/cash/check via mail.

true,peopel dont realize you can pay with a credit card on moneygram/westerunion etc and avoid fees .
hell you can even do a straight transfer from your own bank acct to someone elses,thats how its done in europe (if both parties are in europe,but you can do it here too peopel are just paranoid or dont know about it)

or if "someone" wanted to you could create 10-20 different paypals accounts and just spread it around...just saying

 

[deadly7]

Originally Posted by Hombre Secreto

$20,000 in sales isn't even that much.

I can't tell if you're really this delusional.

 

[HomerJ]

Originally Posted by SpooPoker

No, its when you cross the threshold of either criteria.
Actually both criteria. See the "AND"

Originally Posted by deadly7

I can't tell if you're really this delusional.
I don't consider myself a big or pro seller and if I see one nice piece, say a Loro Piana leather jacket on a shopping trip, that could be $2,000, 1/10th of the limit right there (true story). It better account for me paying $$$ for that jacket though.

 

[makewayhomer]

Originally Posted by HomerJ

Actually both criteria. See the "AND" I don't consider myself a big or pro seller and if I see one nice piece, say a Loro Piana leather jacket on a shopping trip, that could be $2,000, 1/10th of the limit right there (true story). It better account for me paying $$$ for that jacket though.
since they mention gross sales, I don't think it does. ie when I buy a pair of shoes for $300 and then later resell them for $300, I think to PayPal that counts as 1 $300 sale Paypal personal payments do NOT count towards the threshold

 

[SpooPoker]

Originally Posted by makewayhomer

since they mention gross sales, I don't think it does.

ie when I buy a pair of shoes for $300 and then later resell them for $300, I think to PayPal that counts as 1 $300 sale

99% sure thats correct

Originally Posted by makewayhomer

Paypal personal payments do NOT count towards the threshold

100% sure thats incorrect. Personal payments count.

 

[makewayhomer]

Having trouble pasting from iPad but personal payments are specifically addressed in the FAQ ...can find it in the link from the op

 

[SpooPoker]

Originally Posted by makewayhomer

Having trouble pasting from iPad but personal payments are specifically addressed in the FAQ ...can find it in the link from the op

Oops. I stand corrected. I could have sworn that when I read this in November of last year it said they were though.

Are personal payments that I receive counted in the total that will be reported to the IRS?
No. Personal payments that are not payments for the sale of goods or services will not be counted in the total to be reported. However, all payments received for the sale of goods and services will be used to calculate the gross payment volume to be reported.

 

[StephenHero]

I hope this guy is really getting fucked over. I can't be the only one here who hates him.

 

[eddievddr10]

basically what percentage would one have to pay on a profit 5,000 off 20,000 in payments?
and i'm assuming you need to save every receipt. If i lose some receipts anyone know how they would calculate it?

 

[Saturdays]

I really liked the idea of purchasing and selling on ebay and not having to worry about tax.
This comes as no surprise to me though since IRS and Feds are cracking down on Amazon's loopholes for not charging tax as well.

 

[RedLantern]

Why are the Feds concerned with the collection of sales tax?

 

[unjung]

Originally Posted by RedLantern

Why are the Feds concerned with the collection of sales tax?

I'd have thought they're viewing this as an income tax issue?

 

[taxgenius]

Originally Posted by Saturdays

This comes as no surprise to me though since IRS and Feds are cracking down on Amazon's loopholes for not charging tax as well.