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Latest Discussions»Culture Forums»EBay, Collectors, Flea Market & Antiques »Can we discuss the new IR...»Reply #16
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EBay, Collectors, Flea Market & Antiques

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

MichMan

(13,166 posts)
16. So if I bought a widget 25 yrs ago and sold it yesterday for $5 more than I paid.....
Reply to Hoyt (Reply #14)
Tue Apr 5, 2022, 12:40 PM
Apr 2022

Now the entire selling price will be considered by the IRS as "income", not just the $5 "profit"

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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
Latest Discussions»Culture Forums»EBay, Collectors, Flea Market & Antiques »Can we discuss the new IR...»Reply #16
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