# eBay and taxes



## brownie374 (Nov 21, 2007)

Anybody get a eBay 1099?I hear 200 transactions and $20,000 and I also hear 200 transactions or $20,000 anybody know for sure?


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## bondoman2k (Jan 13, 2003)

It's 200 transactions OR $20,000. I sell all the time on there, been there with my own account since 2000, and helped on a guys account before that from '97 till I got my own account. So, I have been there almost since it's inception. 
And yes, over the last year or so they have made some VERY bad decisions on their end. 
Ron (Bondo)


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## bondoman2k (Jan 13, 2003)

Here's a link for you:
http://ebay.about.com/od/sellingeffectivel1/a/_sbe_tax1099k.htm
Ron (Bondo) :dude:


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## Pomfish (Oct 25, 2003)

Not true.
Here is info straight from Paypal;
https://cms.paypal.com/us/cgi-bin/marketingweb?cmd=_render-content&content_ID=marketing_us/IRS6050W

Also look here and put in 1099k into search field and it will also say Both 200 transactions and $20k must be met.
http://ocs.ebay.com/ws/eBayISAPI.dll?CustomerSupport

Quote
"Search Results:Here's what we found for "1099k"[ Previous ]
Here's some information that might help
1099-K is a tax form that payment services like PayPal are now required to submit to the Internal Revenue Service (IRS). This affects high-volume sellers on eBay.

If you received Form 1099-K, it means that your sales exceed both of these levels in a calendar year:
$20,000 USD in gross payment volume from sales of goods or services in a single year
200 payments for goods or services in the same year
PayPal will ask you to update your account(s) by providing a tax ID number, if you don't already have one on file."

Lots of mis-information out there on this.
It probably will change next year and the amount will drop.
This has been in the works ever since epay dropped the hammer and demanded paypal or Credit card payments.

Big Brother is here and he wants paid
Later,
Keith


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## slotking (May 27, 2008)

problem is, if the product cost me $99 and i sell it for $100
it seem i made $20k profit, when I did not! So good records need to be kept!

pretty soon the yard sale police will be coming to get taxes!

If you happy with it, continue to use them, other wise, find a new place to sell


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## 00'HO (Nov 19, 2004)

HI guys, I am an ebay POWER SELLER,
Not to change the subject, but adding to the discussion, *I audited my ebay* account seller dash board last week because I *thought my fees were stiff.*

Noticed that ebay has not paid me my Power Seller discounts since June of 2011 and shorted me 15% 2 months prior.

Bonus earned Feb 2011 $90.00
Bonus earned Feb 2012 $0

Same sales volume.

Just a little heads up for you volume ebayers. 

http://www.daveshoraceway.com


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## oddrods (Feb 6, 2007)

I know fees have gone up over the years but it seems to me that 200 sales and/or 20K seems like you are actually operating a business, not just a garage sales type transaction. It would seem logical at those numbers that it would be reported and of course records should be kept to back up your numbers.


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## bobwoodly (Aug 25, 2008)

I do well over 500 transactions but am well under the $20k a year and did not receive a because I have not provided my SS# to PayPal. I have been reporting eBay income on my taxes for the last several years. This year I also prepared an income statement just so I have it.

If they reduce the ceiling for reporting I'll just take a few more months off from selling.


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## Bubba 123 (Sep 10, 2010)

slotking said:


> problem is, if the product cost me $99 and i sell it for $100
> it seem i made $20k profit, when I did not! So good records need to be kept!
> 
> pretty soon the yard sale police will be coming to get taxes!
> ...


sorry 2 say, in some states...they already HAVE 
IF u have MORE than 3 yardsales per yr.....

Bubba 123


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## slotking (May 27, 2008)

that is bogus, you already paid taxes on your stuff!
they are killing this country to make more like the idiots overseas
(no offense) I mean the leaders that do not want people to work so te gove can take care of them


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## RT-HO (May 27, 2009)

I got a 1099 from Paypal for last year sales from my web site.
Nothing to do with ebay.

That's OK with me.
I've been paying tax's on my slot sale's for years anyway.


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## wheelz63 (Mar 11, 2006)

*did you get a 1099k ?? from paypal*

hello guys i will chime in my 3 cents worth also. i got a 1099k from paypal but you definetly need to hit ( both) 200 transactions and 20,000 in sales in order to get the 1099k from them. if you hit 200 transaction but didnt hit 20,000 you wont get a 1099k it has to be both in order to get the big hit from the good ole government. it really sucked but what are you going to do?? 

Richard
wheelz63


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## sethndaddy (Dec 4, 2004)

So, if I sell $20,000.00, I should be able to claim the $19,900.00 I spent on cars as a deduction?


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## northwest slot (Dec 1, 2009)

sethndaddy said:


> So, if I sell $20,000.00, I should be able to claim the $19,900.00 I spent on cars as a deduction?


That is how it should work. Unfortunately there is a lot of paper work to make the claim.


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## RT-HO (May 27, 2009)

Of course any business keeps track of expense's.
Just because you sell $20,000 doesn't mean you made $20,000.
If I were to buy a new routed track it would be a business expense.
Can't test slot car parts without a track.

There is a way to avoid the Paypal 1099.
You can have more than one Paypal account.
I have one account I use for my web site and different one I use for Ebay.
I got a 1099 for one account but not the other.
But I still list both account's as income on my tax's.

Rick


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## bondoman2k (Jan 13, 2003)

OK guys, I stand corrected.  I was under the impression that if you hit EITHER number you get the 1099. Good to know. I'm SURE I'll hit the 200, but VERY highly doubt I'll hit 20 grand! LOL!  If I do, I deserve to pay the taxes on it. :thumbsup:
Ron (Bondo)


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## wheelz63 (Mar 11, 2006)

sethndaddy said:


> So, if I sell $20,000.00, I should be able to claim the $19,900.00 I spent on cars as a deduction?[/QUOTE
> 
> its seen as a business so i got to claim internet, packaging, shipping, ebay fees, anything you spent to sell the items that got you to 20,000 in sales. but i wouldnt get to crazy with the deductions as my agent told me or you might get a visit from uncle sam ( audit )
> 
> Richard


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## alpink (Aug 22, 2010)

all income is taxable and reportable.
all expenses related to that income are deductible
records must be kept


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## honda27 (Apr 17, 2008)

*paypal taxes*

ok there r ways around the 1099 accept money orders as payment or checks or straight cash if i sold on ebay and used paypal and some 1 would ask if id take a money order i would say yes then u bypass paypal . when i do buy off ebay i ask if they will take a money order. and most of the times they say yes..


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## slotcarman12078 (Oct 3, 2008)

wheelz63 said:


> sethndaddy said:
> 
> 
> > So, if I sell $20,000.00, I should be able to claim the $19,900.00 I spent on cars as a deduction?[/QUOTE
> ...


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## Bubba 123 (Sep 10, 2010)

honda27 said:


> ok there r ways around the 1099 accept money orders as payment or checks or straight cash if i sold on ebay and used paypal and some 1 would ask if id take a money order i would say yes then u bypass paypal . when i do buy off ebay i ask if they will take a money order. and most of the times they say yes..


Er ...Darrell,
Ebay has the record that the item u listed 4 Auction, WAS Sold @ ?? PRICE just by the winning bid......

so, other than shipping charges (which u already stated in the Auction..) 
they have u on record reguardless of using/NOT using Pay Pal :freak:
try again Dude :thumbsup:

Bubba 123


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