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Has Anyone Considered Cutting Out Ebay?

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Zurie's Avatar
United States
5661 Posts
 Posted 12/09/2022  10:21 am  Show Profile   Check Zurie's eBay Listings Bookmark this reply Add Zurie to your friends list Get a Link to this Reply
That's not correct. Effective this year, you will get a 1099-K if you have total sales of $600 or more, regardless of the number of sales. That could be a pain filing taxes if you don't have documentation of the acquisition cost of the sold coins.
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Allcoinage's Avatar
Australia
1510 Posts
 Posted 12/09/2022  11:01 am  Show Profile   Bookmark this reply Add Allcoinage to your friends list Get a Link to this Reply
Every sale I get ebay too take there profit out, keep all invoices so I'm covered when taxman come knocking lol
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Pacificoin's Avatar
Canada
5391 Posts
 Posted 12/09/2022  12:12 pm  Show Profile   Check Pacificoin's eBay Listings Bookmark this reply Add Pacificoin to your friends list Get a Link to this Reply
Run it as a business in a proper manner .
Chances are if you do less than a 100K a year in sales
take ALL of your legitimate expenses , deductions and depreciation
You will pay little to no taxes in the first few years of operation.
The Feds in any country run around like the house is on fire
Over this stuff . They rarely raise what they think they will ,
often less .
Best advice ..always seek accounting and legal advice for
any business venture. Best money you will ever spend .
Personally , I have been in the coin business ( vest pocket ,
retail coin shop , online for over 45 years ) and have an idea
Or two as to how to stay out of trouble legally .
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