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JC48573
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Half.com (Ebay?) IRS 1099 regulations for Sellers

by JC48573 Wed Dec 22, 2010 12:36 am

I was searching for info today if ebay sellers "needed" to file tax and then I got this email later in the afternoon. If you are a seller with more than 200 transactions "and" make at least 20K in sales per year, then you will have to file Form 1099-K. How do you guys feel about this?
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Re: Half.com (Ebay?) IRS 1099 regulations for Sellers

by AppleQueso Wed Dec 22, 2010 12:39 am

I doubt that's Ebay's deal
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GamerMON
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Re: Half.com (Ebay?) IRS 1099 regulations for Sellers

by GamerMON Wed Dec 22, 2010 11:29 am

I don't think this applies to anyone here. If you make 20 k on ebay, that is a business and businesses need to pay taxes. I don't have 200 transaction including things I have bought.
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Ziggy587
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Re: Half.com (Ebay?) IRS 1099 regulations for Sellers

by Ziggy587 Wed Dec 22, 2010 11:57 am

GamerMON wrote:I don't think this applies to anyone here. If you make 20 k on ebay, that is a business and businesses need to pay taxes. I don't have 200 transaction including things I have bought.


Same here. That's a lot of money, and 200 is a lot of auctions.
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deathclaw
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Re: Half.com (Ebay?) IRS 1099 regulations for Sellers

by deathclaw Wed Dec 22, 2010 2:10 pm

Ziggy587 wrote:
GamerMON wrote:I don't think this applies to anyone here. If you make 20 k on ebay, that is a business and businesses need to pay taxes. I don't have 200 transaction including things I have bought.


Same here. That's a lot of money, and 200 is a lot of auctions.


I think it's just the revenue, not the profit. So you could make a few hundreed bucks and have revenue over 20 k. Heck, you would not even have to make any profit whatsoever. You could be just a big collector, reselling your stuff.
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GamerMON
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Re: Half.com (Ebay?) IRS 1099 regulations for Sellers

by GamerMON Wed Dec 22, 2010 2:51 pm

Even if you are just a Collector, if you profited 20k over the course of the year through sales I think you can afford to pay some taxes. I assume the guy who sold his sealed copy of stadium for 40k can afford to pay some earnings taxes. :lol:
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deathclaw
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Re: Half.com (Ebay?) IRS 1099 regulations for Sellers

by deathclaw Wed Dec 22, 2010 2:54 pm

GamerMON wrote:Even if you are just a Collector, if you profited 20k over the course of the year through sales I think you can afford to pay some taxes. I assume the guy who sold his sealed copy of stadium for 40k can afford to pay some earnings taxes. :lol:


No, I am talking just about revenues, not profits. If you buy games for 30 k and sell them for 28 k, your revenue is 28 k but your profit is - 2 k
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