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 Replies: 26 / Views: 3,710 |
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Forum Dad
 United States
24192 Posts |
Quote:
I was under the impression that the threshold for getting a 10-99 was $20K AND minimum of 200 sales. Under current tax law you still owe tax if you are below the minimum. It's not a 1099, it's a 1099K, and it is not a statement of income. The 1099K is just an information return you can use to verify your accounting. |
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Moderator
United States
23522 Posts |
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Here a tax, there a tax, everywhere a tax tax. You realize this isn't a new tax, right? It's just a shift of who's responsible for it - right now, as the buyer you are supposed to be paying the sales tax on online purchases to your state. None of us do, which is why this is happening. |
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Pillar of the Community
United States
500 Posts |
Does anyone know if OHIO dropped their sales tax requirements on coins? I've bought two this year, one from a seller who charged me tax two years ago for a coin, from in-state ebay dealers and neither added tax - both were $50 coins. Haven't been to a B&M coin shop this year so I don't know if this is a new thing or the two ebay sellers just forgot to include it in their listings. Thanks in advance! |
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Bedrock of the Community
United States
10982 Posts |
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Valued Member
United States
325 Posts |
What is the threshold for reporting income tax too on the profits from selling on ebay or selling anything? |
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Bedrock of the Community
13014 Posts |
I believe youre supposed to report it all especially profits unless you fall into a group that doesn't pay taxes and you stay under the tax reporting threshold
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Pillar of the Community
United States
2589 Posts |
In essence if ebay / paypal sends the irs a 1099k, you need to show a scehduale of your costs and expenses to prove gross income since the 1099k only shows net income |
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Moderator
United States
23522 Posts |
Quote:What is the threshold for reporting income tax too on the profits from selling on ebay or selling anything? Technically you're supposed to report it all. Only the profit is taxable, of course, so a layer of complexity is added to your return. |
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Valued Member
United States
325 Posts |
I use excel to keep track of the date of purchase of an item sold, cost, gross profit, seller, buyer, net profit and total profit for each sale on ebay, Ecrater, or Craigslist. That helps me keep track of my net profit to report to the IRS at the end of the year. I've sold stuff though in the past on ebay and they never came after me. Maybe I just wasn't audited. |
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Moderator
United States
23522 Posts |
Quote:That helps me keep track of my net profit to report to the IRS at the end of the year. I've sold stuff though in the past on ebay and they never came after me. Maybe I just wasn't audited. The way their staffing has been gutted (odd way to increase revenue efficiency, by depopulating the ranks of those charged with it), all you have to do is offer some indication that you've done it right and they'll never take it further. |
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New Member
United States
23 Posts |
Sales tax is setup by the seller in ebay options as a setting. This is typically done if the seller sells more than just coins. For instance, in Illinois, coins are specifically exempt from being taxed, but an ebay seller who sells more than just coins would be setup to charge tax for in state sells. When I run into this, the seller is always willing to adjust the invoice, but you have to wait for the invoice. |
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Replies: 26 / Views: 3,710 |
First Page
Posted 05/10/2013 10:36 am
