PayPal 1099-K changes

Discussion in 'Marketplace Discussions' started by markshan, Aug 23, 2021.

  1. FWatty

    FWatty Collector of Zuni Fetish Dolls

    Location:
    Fort Worth, Texas
    All my vinyl was lost when my houseboat sank. Then some dbag hacked my eBay account and sold a bunch of vinyl on it last year. I also was PM’d here last month and told that someone sold some vinyl in the classifieds using my account. I was like, what are the classifieds?
     
    GentleSenator likes this.
  2. jvc444

    jvc444 Are you a 1099er?

    Location:
    CA, U.S.A.
    did you end up with a 1099-k for those bogus sales?
     
  3. FWatty

    FWatty Collector of Zuni Fetish Dolls

    Location:
    Fort Worth, Texas
    :cry:
     
  4. jvc444

    jvc444 Are you a 1099er?

    Location:
    CA, U.S.A.
    yes, no?
     
  5. bamaaudio

    bamaaudio Forum Resident

    Location:
    US
    When are 1099 sent? I think I went over $600 like the first week of January of this year.
     
  6. 4-2-7

    4-2-7 Forum Resident

    Location:
    SF Peninsula
    Then you didn't go over the $600 for 2020.
    And also 1099s need to be sent out in January for the previous year tax use and filed. If you get one very late you just add it to the next years filling because it wasn't sent in time.
     
  7. bamaaudio

    bamaaudio Forum Resident

    Location:
    US
    Ah. I meant this year I'm pretty sure I went over $600 already.
     
  8. 4-2-7

    4-2-7 Forum Resident

    Location:
    SF Peninsula
    Well this years earnings will be taxed next year, so you will not see a 1099 until Jan 2023 for this years activity.
     
  9. jvc444

    jvc444 Are you a 1099er?

    Location:
    CA, U.S.A.
    So, who's going to be a 1099er next year?
     
  10. bamaaudio

    bamaaudio Forum Resident

    Location:
    US
    I'd imagine millions of people and as mentioned I'm pretty sure I'm already over that amount as it was a very reach even for just reducing clutter.
     
    R. Totale likes this.
  11. jvc444

    jvc444 Are you a 1099er?

    Location:
    CA, U.S.A.
    Oh yeah, that's the whole point of the new law. They knew exactly what they were doing when they passed it.
     
    LordThanos1969 and Planbee like this.
  12. Quakerism

    Quakerism Monk

    Location:
    Rural Pennsylvania
    I have no intentions on being a 1099er. It’s a shame because the classified forum has already seen some very reliable and much appreciated members drop out.
     
    aoxomoxoa and Planbee like this.
  13. Planbee

    Planbee Since A Long, Long Time Ago

    Location:
    Chicago
    I've sold on this forum quite a bit in the past, and just started selling some items again here this week. Had no idea about the $600 thing until yesterday after having sold about $300 worth of stuff in one week. Looks like my good fortune will be meeting an end much sooner than expected. As far as all the other selling ideas I still had, like they say about the sports teams around here: "wait till next year." :laugh:
     
    LordThanos1969 and Quakerism like this.
  14. bamaaudio

    bamaaudio Forum Resident

    Location:
    US
    It's definitely frustrating but oh well. I didn't realize some of the stuff from late December was counting since apparently the 'pay out' date is what matters and not the sold date. With the new system on the 'bay it can take several days of delays before the payment is issued. I'd imagine a lot of us are even taking losses on some sales. Selling can be a way to pass the time/something to do and, reduce clutter and basically for the money to be used as a trade for similar items that you collect. It's such a low threshold that it seems like there may be tens of millions of these forms.
     
    Last edited: Apr 8, 2022
    Planbee and Quakerism like this.
  15. WarEagleRK

    WarEagleRK Forum Resident

    Location:
    Chattanooga, TN
    I hope my math is right as I stopped selling on here at around $550 this year... and that was back in February if I am not mistaken. It sucks as I met a lot of good people while selling on here and cleaned out a lot of CDs that I wanted to get rid of.
     
    Quakerism likes this.
  16. Planbee

    Planbee Since A Long, Long Time Ago

    Location:
    Chicago
    Yeah, I'm not trying to make a living out of what I sell here. Just a way to get rid of some doubles or music that I don't care as much for as I once did. And it beats going to local used shops like Half Price Books that make insultingly low offers. But between the $600 threshold and out-of-control USPS rates, accepting lousy offers from used stores might be the way to go for certain items.
     
  17. LordThanos1969

    LordThanos1969 Forum Resident

    Location:
    Phoenix, AZ, USA
    Agreed. The attrition of casual sellers will eventually impact eBay as well as Discogs. It may even have more impact once the 1099 forms are sent out at the start of 2023.
     
  18. JorgeGvb

    JorgeGvb Senior Member

    Location:
    Virginia Beach
    That would affect supply and demand driving prices up, if there is less product avaiable for sale.
     
    LordThanos1969 and aoxomoxoa like this.
  19. jvc444

    jvc444 Are you a 1099er?

    Location:
    CA, U.S.A.
    Oh yeah, the impact won't be felt until next year when so many unsuspecting sellers get a 1099-k. And it's estimated that almost 2/3 of income goes unreported when there was no 1099 issued. That's a lot of people, and a lot of money.
     
    LordThanos1969 likes this.
  20. FWatty

    FWatty Collector of Zuni Fetish Dolls

    Location:
    Fort Worth, Texas
  21. goldwax

    goldwax Forum Resident

    Location:
    California
    I’m pretty sure I know the answer, but when you’re figuring out the price you paid for something a long time ago, can you adjust for inflation?
     
  22. Ken Dryden

    Ken Dryden Forum Resident

    I’m sure my CPA would say no about adjusting cost for inflation, as there is no allowance for it in the tax code. But you can claim mileage back and forth to the post office and cost for packaging, bubble wrap, tape and labels used to mail the music you sold.

    The other issue that would affect many of us is that we may sell items we bought years ago but no longer have receipts for them. My CPA said any reasonable cost claim should stand up in case of an audit.
     
    goldwax likes this.
  23. jvc444

    jvc444 Are you a 1099er?

    Location:
    CA, U.S.A.
    I still have CDs and cassettes that are sealed with original store sticker prices on them. I do not have the original receipts. I wonder if that would be allowed.
     
    ILovethebassclarinet likes this.
  24. JorgeGvb

    JorgeGvb Senior Member

    Location:
    Virginia Beach
    Thanks for sharing that. I was going to ask my CPA the same questions.
     
    goldwax likes this.
  25. goldwax

    goldwax Forum Resident

    Location:
    California
    You’d have sold them, though. Would you take a picture first or something?
     

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