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.
I sell a few things here and there through Ebay.I have not listed anything in months.If anybody switched to Ebay’s managed payment how has your experience been so far?It looks like it is not worth it.I am far from a business.
I thought I would hate it but actually like it a lot but it took about a month for me to feel this way. I have it set up to dump the money into my account once a week. Their selling fees are already taken off the top and you can pay for shipping out of the pending payments.
Also, the "payments" tab allows you to see at a glance how much you have accruing in anticipation of the weekly dump.
I don't mind it really. I kind of like that they take their cut right off the top. I didn't like the commission fee all at once at the beginning of the month. Can't complain much, but I think the fees have increased some.
I've been dealing with eBay since 1999 & I can't say I'm impressed by their heavy-handed way of getting me to switch to their pay system. I had a rep call me on the 14th & said if I didn't provide my bank account info by that night, on the 15th they'd cancel my listings & suspend my account. Also she told me this isn't something that eBay wanted to do. They didn't have a choice because Paypal broke ties with eBay. I'm pretty sure it was the other way around. Looking forward to someone else giving eBay some competition now because according to her, she talked to quite a few sellers that are not impressed over this.
fwiw: I set up an account at an online bank and am using this for my transactions. so far so good.
All I really sell are used CDs and some random perfumes and colognes. They gave me til May 28th to give them all the extra info for Managed Payments. I chickened out so my listings came down, but I might still sign back up and sell til the end of the year before the $600 limit goes into effect in 2022. Thing is, I would have to redo all my listings from scratch because I accidentally let them all get deleted.
Your suspicion is probably correct, they could have switched to Venmo.
I've never heard of paypal breaking ties with anyone. In fact, it appears that more and more sites include paypal as a payment option.
Oh really, do you really care so much about PayPal on eBay?
I have retired from eBay for this reason.
I do because it’s worked flawlessly for me the last 15 years or so & I don’t feel like something needs to be fixed if it’s not broken. I’m nervous about a company changing their policy based on greed.
heads up, based on a survey I just did: it is possible (probable?) Ebay is going to institute a policy similar to the one Amzn just did of listing the seller's name and address on each item.
also: "Effective next year, sellers on certain online platforms like Etsy and eBay will receive a 1099-K if their sales are at least $600, down from the current threshold of $20,000 with a minimum of 200 transactions."
That’s a relief. The more income tax they can collect from home eBay sellers, the more they can stay away from billionaires.
OF COURSE the reason for this is that eBay wants more control of the fees and process under their own roof. Any other excuse is diversionary.
That said, I was forced into managed payments late last year and...other than having to set up a special checking account for the eBay transfers (rather than having all monies appear in PayPal), there really hasn't been any issue. It was annoying at first. Now I don't really think about it.
Unless you live off-grid and don't believe in banks, it's really not a big deal.
As for eBay competition: Not gonna happen. In the early days, a bunch of platforms appeared trying to be the "new, cheaper, more seller-friendly" eBay and they all failed. Why? Because none of that stuff trumps tons of eyeballs and getting the maximum price for your item. eBay is pretty much a natural monopoly.
The exception is for siloed set-sale merchandise categories. Reverb for musical instruments. Discogs for music. Swappa for cell phones. Etsy for hand made goods. Etc. And none of those are auction platforms.
I have 120 items listed at Amazon and none of them show my name and address on the listing. I see no announcement regarding this on the Amazon Seller Central page.
This has been discussed for months. It means no change for active eBay, Discogs etc. sellers who already report their income on their tax return. If you took in more than $400 you were supposed to be doing it all along. If you didn't and didn't get caught so far, bully for you. Now you will be more motivated to do it. Tax avoidance is only for the rich and powerful, don't try it at home.
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