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EBay, Collectors, Flea Market & Antiques

Grasswire2

(13,708 posts) Tue Apr 5, 2022, 12:37 AM Apr 2022

Can we discuss the new IRS rules on selling, and how it affects sellers? [View all]

It's my understanding that any sales over $600/year ?? will be reported to IRS as business income?

But if it's your own stuff, family stuff, how is that business income?

And does it also apply to garage sales, estate sales, etc?

And how will this change the whole idea of collecting?

20 replies

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Can we discuss the new IRS rules on selling, and how it affects sellers? [View all] Grasswire2 Apr 2022 OP

My girlfriend is very sad samplegirl Apr 2022 #1

when she's a billionaire she may never pay tax again. thanks to our congress both msongs Apr 2022 #2

here's a link to ebay and an explanation of the new rules which are for ONLINE sales msongs Apr 2022 #3

Not just online, but anything paid through payment sites like Paypal, Venmo etc. MichMan Apr 2022 #7

This message was self-deleted by its author MichMan Apr 2022 #4

If you got more from ebay than you paid for the item, you were always supposed to pay taxes. Hoyt Apr 2022 #14

So if I bought a widget 25 yrs ago and sold it yesterday for $5 more than I paid..... MichMan Apr 2022 #16

Mich, no one is coming after you for $5 profit, which would be about a dollar in taxes. Hoyt Apr 2022 #17

Just throw away the 1099 and pretend I never received it? MichMan Apr 2022 #18

The 1099K doesn't report income, it reports transactions. sl8 Apr 2022 #19

Pick #2 and don't worry about it any more. Hoyt Apr 2022 #20

Hi Grasswire2. I just found about this ruling yesterday. So much for plans. Paper Roses Apr 2022 #5

It was part of the Infrastructure bill passed last November MichMan Apr 2022 #6

What if I have no receipts? C_U_L8R Apr 2022 #8

Sell for cash only, or pay the IRS MichMan Apr 2022 #10

It's easy enough to estimate what you paid for a rare guitar or something. Plus, the IRS isn't Hoyt Apr 2022 #15

They say that only goods that are sold for a profit are considered taxable, but how to prove it ? MichMan Apr 2022 #9

I think this information and link should be posted in "General Discussion". Paper Roses Apr 2022 #11

We are now paying sales taxes for items bought from individuals on ebay. Chainfire Apr 2022 #12

We are now paying sales taxes for items bought from individuals on ebay. Chainfire Apr 2022 #13