Discussion in 'Marketplace Discussions' started by visolo, Nov 13, 2020.
Where are you getting the figure of $600 from?
that's the law. it was $400 years ago
You'll have to dig it up. It has changed from 200 transactions and/or $20,000/year. It was buried in one of the stimulus bills.
once I get hit i'm stopping sales there
Starting in 2022 you will be taxed on over $600 for online sales. It is now $20,000 and 200 transactions to trigger a 1099-K form. Here's an article explaining it
It's going to get harder to avoid reporting income from online sales (cnbc.com)
My sign up date was 26 March, so I'm now not able to list. I guess that means I'll be testing the direct sales pages here for my music, and other specialist forums for other stuff.
Thank you for posting this.
Just sold some items on eBay after a long hiatus. Hard to wrap my head around the fact that I'm expected to ship out within 3 days, but the funds won't show up in my bank account for maybe 5 days!
As a buyer, I got caught up in just such a scenario. The 30 days for a refund had expired before I even realised that the package was lost per the tracking. Item purchased on December 5th, ebay guarantee expired January 4th, last comment 'in transit to next facility' on USPS tracking site happened on January 24th. Tracking info has not changed or been updated since then and the package still hasn't arrived. USPS assures me it will. I no longer shop on ebay.
Is there a threshold for capital gains? If so, then anything you sold that you held for a year should go in that column.
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