The Tax man

RHensley

RHensley

Resident Hand Model
I've enjoyed finding and reconditioning honing and letting go razors for a while now but it seems that it's over now. I just found out that the IRS is watching eBay and now I have to either list and pay taxes on the little I do or quite. I quite eBay . I hope they don't start watching here :unsure: . It's been fun. I'll just have to find another hobby
 
jaro1069

jaro1069

Administrator
Staff member
From what I saw it states.....
Starting on Jan 1, 2022, eBay and other marketplaces are required by the IRS to issue a Form 1099-K for all sellers who receive $600 or more in sales. The new tax reporting requirement will impact your 2022 sales and taxes that you file in 2023—it will not apply to your 2021 sales and taxes that you file in 2022.
So unless you are going over 600 in sales it wont affect the small seller...

Edit to include More on this........

How much can you make on eBay before reporting to IRS?


$20,000 (Prior to 2022)

For tax years beginning with 2022, if you have transactions totaling $600 or more then you should receive a 1099-K form reporting this income to the IRS.
For tax years prior to 2022, the threshold is more than $20,000 in gross sales and have 200 or more transactions on eBay.
 
RHensley

RHensley

Resident Hand Model
jaro1069 said:
There is also more info concerning what you paid and what you sell it for on Ebay's website...
Click to expand...
I understand that there's a difference in what you pay and what you receive when it comes to taxes I was doing this as a hobby and didn't want to fool with all the records. At 72 the last thing I wanted was to start a business. I enjoyed the hunt and acquiring the razor then cleaning polishing and of course honing. Record keeping takes the fun out of it.
 
jaro1069

jaro1069

Administrator
Staff member
I understand that. Sorry. We can hope the regulations change back to a higher limit than they are now....
 
jaro1069

jaro1069

Administrator
Staff member
Maybe they will raise the limit . From what I read they are trying to get it raised.....
 
jaro1069

jaro1069

Administrator
Staff member
I just looked it up and found what I posted oh and its also the same according to that with venmo too !!
 
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