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 Replies: 16 / Views: 1,813 |
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Bedrock of the Community
  United States
10504 Posts |
"The "One Big Beautiful Bill Act," primarily covers fiscal year 2025 and beyond, with some provisions extending through 2028 and others made permanent." Hopefully that helps your inquiry! I know I quit selling on ebay for the fact it was changed to $600 in 2021, because I'm on Social Security and that would have put me over the limit of income and my SS payment would have been reduced but now I can start up again. |
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Bedrock of the Community
United States
25095 Posts |
Excellent news! I got hammered last year so had not been listing much this year. But cranking it up again!
Inordinately fascinated by bits of metal with strange markings and figures
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Pillar of the Community
United States
618 Posts |
For information purposes only, whether you receive a 1099K or not, it is the tax payers responsibility to report all earned income. The 1099K is an informational document. Without a 1099K do most people report the sales as income, probably not. The "old requirement" for sending 1099Ks was clearly a burden for ebay, Amazon, etc. and concerning for some sellers. Meant for clarification purposes only, nothing more, nothing less. |
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Pillar of the Community
United States
1326 Posts |
In case you didn't know the old threshold has bee restored, per Forbes and other sources: One Big Beautiful Bill Act And Form 1099 "...The old reporting threshold for Form 1099-K (you can read more about that below) is now new again. OBBBA reinstates the $20,000 and 200 transactions thresholds, retroactive to 2022 (or as if the reporting changes American Rescue Plan Act of 2021 had never happened). That means that the $20,000 and 200 transactions thresholds will apply to the tax year 2025. https://www.forbes.com/sites/kellyp...or-business/ |
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Pillar of the Community
Canada
5394 Posts |
Doesn't matter what the requirements are .
It is on an honest taxpayer to report ALL of their
World wide income no matter the source .
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Pillar of the Community
United States
618 Posts |
Pacificoin, that is correct and frequently misunderstood.
The change impacts the responsibilities of the selling platforms to generate the 1099 not the "responsibility" of the tax payer to report income.
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Moderator
United States
188121 Posts |
Quote:
In case you didn't know the old threshold has bee restored, per Forbes and other sources: Merged into existing topic.  |
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Moderator
United States
188121 Posts |
Quote:
It is on an honest taxpayer to report ALL of their World wide income no matter the source . This.  |
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Pillar of the Community
United States
2023 Posts |
This is all fine and dandy for federal taxes, but the states may still have the lower thresholds. California is still looking at $600 next year. -- https://www.ftb.ca.gov/file/persona...ns-1099.htmlQuote:
For tax year 2025, the threshold is $2,500, regardless of the number of transactions.
For tax year 2026 and after, the threshold is $600, regardless of the number of transactions. |
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Moderator
United States
188121 Posts |
Quote:
This is all fine and dandy for federal taxes, but the states may still have the lower thresholds. California is still looking at $600 next year. Good to know.  A good reason to use a tax professional. I do. Not because I sell on ebay, but because I have other income streams that need accounting. Do not get pinched like Capone.  |
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Bedrock of the Community
United States
10504 Posts |
Quote:
California is still looking at $600 next year. Gee, go figure.........I'm shocked!  |
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Pillar of the Community
 United States
8743 Posts |
Very good to know, thank you, Marve! Quote:I know I quit selling on ebay for the fact it was changed to $600 in 2021 I have sold very little since that change back then. -makecents-
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Pillar of the Community
United States
3323 Posts |
So, do we report NET income? For example: I paid $30 for a Morgan dollar and sold for $35 - report $5 income? If not, there will be a lot of double or triple taxation on each item. "Nummi rari mira sunt, si sumptus ferre potes." - Christophorus filius Scotiae
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Moderator
United States
188121 Posts |
Yes. You would report income (the $35) and deduct the expenses ($30 for the coin, plus anything paid for shipping supplies, etc.).
The important thing it to document it properly and keep all the receipts.
Of course, this is my understanding. If you are going to do this "for a living" or liquidation, you should consult a professional.
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Pillar of the Community
United States
3323 Posts |
Thanks, JB. "Nummi rari mira sunt, si sumptus ferre potes." - Christophorus filius Scotiae
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Replies: 16 / Views: 1,813 |
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Posted 07/10/2025 10:52 pm
