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Are you selling next year? 362

No Life Club Posts: 1,255 Find me if you can...
Are you selling next year?
« on: December 07, 2021, 12:42:17 AM »
Starting next year, total of $600 or more of sales on Goods and Services "earns" you in a 1099-K tax form  :-[

https://newsroom.paypal-corp.com/2021-11-04-New-US-Tax-Reporting-Requirements-Your-Questions-Answered

How are you going about selling / trading next year? In a small circle of trusty friends or good old Craigslist? This bull$#it government's overreach kills off the fun for the little guys  :rant:
Hero Member Posts: 879
Re: Are you selling next year?
« Reply #1 on: December 07, 2021, 03:49:09 AM »
I have some things I've been meaning to put on eBay. They'll be listed this weekend, starting at $0.99 with no reserve...and then my days of selling on eBay and accepting PayPal are over.

Current SAKs: too many to list in a mere 512 characters.
No Life Club Posts: 1,323 Hardwood sawyer, and follower of Jesus Christ
Re: Are you selling next year?
« Reply #2 on: December 07, 2021, 04:02:21 AM »
I haven't decided yet. But I'm putting a big batch of knives out on auction asap.

This life is merely a staging ground for eternity. Are you preparing for the rest of forever?
Head Turd Polisher Administrator Just Bananas Posts: 62,509 Optimum instrumentum est inter aures
Re: Are you selling next year?
« Reply #3 on: December 07, 2021, 11:41:09 AM »
Well, that's how you catch tax dodging billionaires.   :facepalm:

As if the PayPal and eBay fees weren't hefty enough, cutting out US based sellers like this is just encouraging offshore purchasing since foreign sellers don't have to pay US taxes.

We have a similar problem here in Canada, with the import taxes on orders above a certain size/value.  It meant that my dream of having an all brand multitool dealership was a fail as my costs were significantly higher than US based sellers for the same item.

Def

Leave the dents as they are- let your belongings show their scars as proudly as you do yours.
Global Moderator Absolute Zombie Club Posts: 26,454
Re: Are you selling next year?
« Reply #4 on: December 07, 2021, 04:09:56 PM »
 :facepalm: Just keep sticking it to us.   

Esse Quam Videri
No Life Club Posts: 1,255 Find me if you can...
Re: Are you selling next year?
« Reply #5 on: December 09, 2021, 01:26:18 AM »
It seems like Friend & Family payments are not counted toward this $600, hence my "trusty Friend" comment. Yes, this just kills off my eBay selling.

Or maybe I can ask my foreign relatives to take payments for me instead?  >:D
Absolute Zombie Club Posts: 21,413 Oxygen and magnesium toghether?! OMg!
Re: Are you selling next year?
« Reply #6 on: December 09, 2021, 12:30:23 PM »
Try to sell your stuff directly, meeting the buyers and with cash in hand.


________________________________
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I don't have OCD, I have OCDEFGHIJKLMNOPQRSTUVWXYZ.

Eff the ineffable, scrut the inscrutable.

IYCRTYSWTMTFOT

Absolutely No Life Club Posts: 5,197
Re: Are you selling next year?
« Reply #7 on: December 10, 2021, 07:48:19 PM »
Not trying to get into politics, but I think it's kind of funny and ironic. I am sure many of the politicians who pushed this into law probably received hefty donations from both eBay and PayPal; and this one move will probably put a large dent in the business of both.

I had planned to get rid of a ton of stuff, but this threw a wrench in my plans. $20000, er, unless you're a business; you're not going to be having that much in sales. $600 yes, that's next to nothing. That's doing nothing to keep billionaires from cheating on their taxes, but making a ton of headaches for the little guys who sell as a hobby or to help support another hobby.


I suspect, however, this will probably end up helping local flea markets. People will be leaving eBay and such for them in droves.
« Last Edit: December 10, 2021, 08:10:07 PM by cody6268 »
Global Moderator Absolute Zombie Club Posts: 26,454
Re: Are you selling next year?
« Reply #8 on: December 10, 2021, 10:09:31 PM »
YAY local flea markets. 

Its all BS.  I have not been active on the bay of fleas but I wonder are they gonna do it to FB market place as well?  Craigs list?   

Esse Quam Videri
Hero Member Posts: 879
Re: Are you selling next year?
« Reply #9 on: December 11, 2021, 05:51:47 AM »
Not trying to get into politics, but I think it's kind of funny and ironic. I am sure many of the politicians who pushed this into law probably received hefty donations from both eBay and PayPal; and this one move will probably put a large dent in the business of both.
:iagree:

I wonder are they gonna do it to FB market place as well?  Craigs list?
That's doubtful. Craigslist and that ilk just provide sellers and potential buyers a means to connect, as newspaper classifieds did before them...they don't handle any money. Flea-Bay is going to suffer because they force the use of PayPal upon buyers and sellers.

I can see a lot of folks at least researching cryptocurrency, seeing if it may be a viable way to keep Uncle Sam's grubby paws out of their wallets. I know I am.

Current SAKs: too many to list in a mere 512 characters.

 

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