Hot Rods eBay is what's wrong

I "clicked" like not because I like the way this worked out for you, but just to say I feel your pain!

 

Try being selfemployed.

 

I cannot even give stuff away.

 

A friend thinks this 1099 deal only applies to 'commercial' sales, as opposed to a guy just selling of some hobby junk. Would be nice if he were right but how would Ebay or the IRS figure out the difference?

 

I couldn't agree more with all you said. But you forgot the 2.75-3% it costs to collect your money so there goes a little more in costs. For you or others like you, just look at all the book keeping you will have to do just to offset some of that 15% of the total such as receipts for initial purchase, mileage, packing materials, etc. Also, most people just think of the IRS when 1099 is brought up but should also consider state income taxes as well if applicable in their state. Also, don't think for one minute that some states are not going to go after sales tax unless already collected. After all, it will now be easy to find those who did not pay sales tax. Some of us, myself included, do not even have to file income tax forms any more and I'm not about to open that can of worms again. The previous threshold of 200 items or $20,000 per year was not unreasonable but this new $600.00 rule/law is the limit for me as well as you. I will no longer accept paypal, etc. and no longer sell on ebay.
Now I know that there are those that will say your toys are worth more now. I don't think so. I believe that it will severely diminish the collector market and other markets too. After all, how many fools are going to pay $150-160 dollars for something worth $100.00
As I recall back in the 80s you could sell items on ebay and the fees were around 5%, you could accept payment any way preferred, include a phone # or email address, you could sell items as-is without ebay over ruling that and forcing you to accept any buyers complaint and refunding their money and possibly not even get your item back. It was a great thing then and clearly they made substantial profits but then the never satisfied, never ending greed took over.
One more thing and I'll shut up.
I recently received an email about taking a survey. If i did so, I would be offered the chance to win a GRAND PRIZE OF $500.00. Now just think about this, a multiple billion dollar business with millions or billions of users can only offer $500.00 and have the gall to call it a GRAND PRIZE!
Its' insulting and illustrates how highly they value them selves and how little value they see in their customers.
Eddie

 

I enjoy e-Bay and get a lot of great deals like a mint Hurst Autostick 1 for $200..

 

Being able to account for every hair on my head might be why I don't have many left. A church elder differed with me, when I said that God has better things to do than worry about the color of my socks. I don't know that He, or anyone else, should worry about such things, except them, whose livelihood depend on it.

 

Many sellers don't even know what they're selling, which makes me wonder where they are getting the parts. Storage-unit auctions? Numerous times, I've pointed out errors in descriptions. I don't want buyers to be misled.

 

Form 1099-K | eBay

 

A thread on eBay? I didnt know people used ebay anymore. Whats next a thread on MySpace? Haha you guys are old.

 

Ebay during the 80's?.......... Parallel time tracks maybe????

 

Thanks. Well that sounds like it applies to all sellers.

 

You're welcome, and I read it that way also.

 

Some of these comments remind me of this guy at a car show.
He was in line to purchase food while talking to a friend. He was bragging how he made 10x on a part over what he traded for it. Then he got mad when the server told him $6 for a hot dog.

 

It’s funny as the auto trader or trading times kill the news paper classified ads. Then came eBay and that kill the trading times. Well then came Craigslist and put a hurting to eBay but not as much as Facebook . Now it’s Instagram putting the hurt on others and time changes and you have to pivot. Unfortunately the old swapmeet will be replaced at some point because of cost to the venues and to vendors. Heck you don’t even have to go to work as virtual offices and work spaces are the normal now.
Ebay for years has been trying to loose the antique seller and be the Amazon it couldn’t be . I still love eBay but go back to its roots and be the vintage dominant marketplace..

 

???

 

The survey might well have been another scam. God thing you weren't tempted by the big prize.

 

I TOTALLY agree!!! It almost appears that Ebay over time, thru it's greed, was trying to destroy itself ...yet all the crap they dumped on us sellers...well, we just put up with it.
But they have managed to take a great business model, and turn it into a joke for a lot of us.
Surprisingly, it's not Ebay making Ebay worse this time...it's the gov't putting in the final nail in the coffin (at least for me).
This $600/1099 thing will eliminate most of the small/hobby sellers and leave Ebay nothing but "drop-shipped" Chinese junk

 

Probably not a good idea to post past evasion of income tax liability on the Internet. You've always owed the federal taxes whether Ebay sent you a 1099 or not. That's been true for as long as you've been alive. And the government tightening up this tax dodge by requiring eBay and others to provide the documentation isn't anyone's fault but the dodgers (lowercase "d"). Sorry, but it sounds like your "profit" model was to not pay your taxes.

Also, fyi: You can offsetmthat $112 with expenses-- COGS, legit operating costs, fees, etc. Not even the government thinks you owe income tax on gross receipts.

 

Sounds like you're doing your taxes wrong.

Ebay started in 1995 and was at that time almost entirely devoted to buying and selling Pez dispensers.

This is correct. You pay taxes on the profits. If you sell 10K worth of stuff on eBay and get a 1099 but didn't make a dime, you still have to claim the income but there will be no taxes owed.

If you were making a profit but just didn't report it because it was under the arbitrary cutoff for a 1099 then you were committing tax fraud.

 

How about a guy who is retired, files a short form 1040, no itemized deductions. He sells some of his old hobby junk on Ebay for $2k. That goes down as income, with no offsetting it, right?

 

That'd be like stealin' from the government!!

 

If one only sells items purchased personally then most likely they will be sold for less then original purchase price so technically they are sold at a loss and not making any money,so time to keep all receipts and will need a accountant to do the taxes since the taxes will have to be done like a business so one does not have to pay taxes on income that is actually a loss.

 

most important statement in this old and long thread!

 

Yes but only if you itemize deductions, I think. I'm retired, my house is paid off, so the standard deduction is much better for me, and as I inquired previously, I don't think I can do any offsetting, even with receipts.

So I buy a new carb at the store, pay sales tax (the store also pays income tax on their profit). Run it for awhile, change to a different carb. Take it off the shelf, sell it online, buyer pays sales tax on it again, and I have to claim the sale as income, no offsetting.

That little carby has done pretty well for Uncle Sam.