I received an e-mail from Reverb yesterday (for those not familiar, it's a basically a marketplace for musicians akin to eBay but limited to instruments and related hardware). It was informing me that the new federal $600 tax reporting threshold has been delayed at least one year, so sellers will only receive a 1099-K if they exceeded the previous threshold of $20,000 and 200 transactions. The same should apply for eBay, Etsy, etc. Definitely good news for any smalltime sellers.
Wait wait wait… am I reading this wrong? The threshold used to be $20,000 and it’s going to be $600?! Whose idea was that?
Delusional fat-cat fucks who it won't affect! We're having the same shit with our National Health Service being strangled by the same fat-cat fucks who all have primo private healthcare plans, the National Rail Network being screwed over by c*nts that get driven everywhere in Range Rovers (funded by my taxes) and an underfunded Education System having the purse strings yanked by wankers that all went to 'Old Boy Network' Public schools at £64k a year! Come the revolution! . . .
Hmm, I just got a 1099-k from eBay and had a little under 4K in sales. So it definitely isn’t applying to ebay. It’s great news, bury the IRS staff in millions upon millions of tiny e market tax reports. They’ll be so overworked you probably don’t even need to pay taxes anymore. They’ll never get around to you. Can’t wait to write it all off.
Yeah, I got one from eBay too ($2200 if we're comparing). I think they sent them out just in case. A friend of mine in Massachusetts says he's been getting them for years because they have to pay state tax on any earnings over $600.
So now it will be f&f payment or add 4% paypal fee plus 9.75% CA sales tax...you do the math and if it's not right I'm not sending your toys.
this is an aspect I don’t quite understand- with a $600 threshold, they are effectively introducing hundreds of millions of new documents into tax filings that are will need to be handled by an already understaffed IRS force. Hundreds of millions more chances for incorrect filings, errors (on both sides of the coin) all of which will result in more delays on tax returns. Not to mention all the good will it’s going to garner from the average Joe who was just trying to sell some old collectibles online to make a little extra cash. And I get it that individually each little bit of extra the irs can squeeze out of the folks that just break that $600 threshold will add up and that really all they care about, but damn it almost seems like it’s not worth the trouble and the irs wasn’t prepared for how much additional work will be involved to bleed people for even more…
Yeah I looked into NJ, like Roger says, looks like NJ has their own $1000 level. So check your individual states.
F&F is not so good for the buyer. Just have to add that in. Also, I used to hear that people were getting into trouble with Paypal by doing a lot of F&F payments. Not sure if that is still going on.
