Akron, OH
Adding a 1099 to your taxes is a huge pain too to make it worse. You need the highest level of like TurboTax software ($$$) because you essentially own your own business now. It's extremely ridiculous, [Removed]
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Quoted from loneacer:Not really a "pain", it's pretty simple. But yes paying for the highest version of TurboTax sucks. Been doing so since 2003. I do my own taxes and it still costs me about $200 a year including filing in two states.
You may not see it as a pain, but imagine getting that 1099 in January and having no receipts for what you sold. Now the government sees it as all profit. Sure you can search for receipts or try to get creative, this is the painful part. How much did you spend on gas? How much on shipping supplies? How much on shipping? How much was the stuff you bought? It's a pain for someone who has never dealt with that before or sold stuff they got several years ago and don't have the receipts anymore.
One of my hobbies is cards. Well with cards if you get a cool card out of your hobby box or whatever and sell it, that's 100% profit. My understanding is unless you sell everything you got out of that box, you can't deduct the original purchase price of that box. I'm not a tax expert though
Quoted from robnotto:Do you have a store? I was under the impression that if you are cleaning out your stuff (like a garage sale) you would not have to get a 1099K and pay taxes, the only people that got a 1099K were the ones that 'made a business of it'.
Either way it sucks, and will just have people stop selling on ebay and move to other sites.
Thanks for posting...next time I list on ebay, will definitely make me think twice.
You definitely need to read up on the new law. Everyone is getting a 1099 if you use one payment service for more than $600 in sales. There is no exclusion because you don't own a business. By selling more than $600, you are now receiving a 1099. You can use another site if they use a different payment processor (like ebay and Paypal), but then you reset the $600 limit. It's not just an eBay thing
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