The Ebay Advice Column
I think Michigan follows the Federal guidelines but dont quote me.
And yes, no matter what you have been selling, if you make a profit, you should legally always be claiming your profits and pay the taxes on such profits.
I create an excel form showing what I paid for the item, what I sold it for (minus pp and ebay fees) and show my profit. I do this for all my listings that I sell and send it with my taxes. I also have receipts to back it up, but I dont provide those, unless I were to get audited.
Now if I were only selling a handful of times, over the year and under a couple thousand dollars, I don't think I would really worry about it, unless you get a tax form from eBay or PayPal.
And yes, no matter what you have been selling, if you make a profit, you should legally always be claiming your profits and pay the taxes on such profits.
I create an excel form showing what I paid for the item, what I sold it for (minus pp and ebay fees) and show my profit. I do this for all my listings that I sell and send it with my taxes. I also have receipts to back it up, but I dont provide those, unless I were to get audited.
Now if I were only selling a handful of times, over the year and under a couple thousand dollars, I don't think I would really worry about it, unless you get a tax form from eBay or PayPal.
Crazy that someone will have to pay regular income tax rates on selling fudge from around the house while Bezos pays 20% cap gains on how ever many billions he has.
NEWPORTS69 wrote:ive kept journal for very long time and ranked public restrooms because i srs hate using them, was working on an app but im not very smart
^Welcome to the machine. #jobcreatorstho
P.S. If ya think he's actually paying even 20% after all his deductions yer cray.
P.S. If ya think he's actually paying even 20% after all his deductions yer cray.
RupertPupkin wrote:I live by this rule and this rule alone: people are drymounting idiots.
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ygolohcysp
- Art Expert
- Posts: 2627
- Joined: Wed Jun 04, 2014 12:57 pm
Start your own business dudes.
Damn!BENYOUNG20 wrote: ↑Mon Jan 25, 2021 3:13 pmI believe there was several states that changed this auto 1099k level, not just IL. Several New England states I think lowered the number to $600.
Codeblue wrote:#whydidntilisten2kbbq
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juxtaposedprints
- Member
- Posts: 7
- Joined: Wed Sep 30, 2020 4:17 pm
- Contact:
anyone deal with this guy before? quite the profile. 
https://www.ebay.com/usr/dalifraudexpert
"Fine art consultant and legal investigator with 20 years experience. I actively participate in reporting fraudulent art sales to Federal and Local authorities. My cases have led to the successful seizure of over 30 million dollars in contraband art."
https://www.ebay.com/usr/dalifraudexpert
"Fine art consultant and legal investigator with 20 years experience. I actively participate in reporting fraudulent art sales to Federal and Local authorities. My cases have led to the successful seizure of over 30 million dollars in contraband art."
email: juxtaposedprints@gmail.com
IG / UAA / ebay = juxtaposedprints
FB: Juxtaposed Prints (juxtaposed.prints)
IG / UAA / ebay = juxtaposedprints
FB: Juxtaposed Prints (juxtaposed.prints)
I understand the government's desire to raise money but a $600 limit is total bullshit. In an effort to get my kids to clean up their rooms I sell some of their stuff on eBay for them. All of the stuff they received as gifts through the years. If I added up the total of the final prices it would certainly be north of $1k in the past year. Who knew that a Kylo Ren voice changing helmet would sell for $250. So now this fudge is taxed? Stupid.kansasbbq wrote: ↑Mon Jan 25, 2021 8:46 pmDamn!BENYOUNG20 wrote: ↑Mon Jan 25, 2021 3:13 pmI believe there was several states that changed this auto 1099k level, not just IL. Several New England states I think lowered the number to $600.
I wonder how eBay determines where you live. Maybe just switch your state to someplace with non-idiotic rules.
NEWPORTS69 wrote:ive kept journal for very long time and ranked public restrooms because i srs hate using them, was working on an app but im not very smart
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zeuscarver
- Art Connoisseur
- Posts: 223
- Joined: Mon Mar 31, 2014 2:56 pm
- Location: Albuquerque
I am trying to sell a limited edition print (duh) and some ebayer with good feedback (like 1500, top rated seller tag) asks me what the edition number is and if it's 'NM or better'
I assume NM = near mint ?
I asked him why he needs the edition number? anyone come across this, some fetishist for the number 13 or 69 or something?
I assume NM = near mint ?
I asked him why he needs the edition number? anyone come across this, some fetishist for the number 13 or 69 or something?
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ygolohcysp
- Art Expert
- Posts: 2627
- Joined: Wed Jun 04, 2014 12:57 pm
Its the same as any business that sends you money for services rendered, $600 or more in a year and you get a 1099. It's been that way since I was a child. E-commerce finally catching upjjttdw wrote: ↑Wed Feb 03, 2021 10:29 amI understand the government's desire to raise money but a $600 limit is total bullshit. In an effort to get my kids to clean up their rooms I sell some of their stuff on eBay for them. All of the stuff they received as gifts through the years. If I added up the total of the final prices it would certainly be north of $1k in the past year. Who knew that a Kylo Ren voice changing helmet would sell for $250. So now this fudge is taxed? Stupid.kansasbbq wrote: ↑Mon Jan 25, 2021 8:46 pmDamn!BENYOUNG20 wrote: ↑Mon Jan 25, 2021 3:13 pmI believe there was several states that changed this auto 1099k level, not just IL. Several New England states I think lowered the number to $600.
I wonder how eBay determines where you live. Maybe just switch your state to someplace with non-idiotic rules.
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soupysound
- EB Team
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- Joined: Wed Apr 25, 2012 9:38 pm
annoys the fudge outta me when they ask what the edition number is. they have no reason why they even want to know. it's beyond stupid. if they are asking for an edition number... .it pretty much means they are not going to buy it and are just wasting your time.zeuscarver wrote: ↑Wed Feb 03, 2021 11:59 amI asked him why he needs the edition number? anyone come across this, some fetishist for the number 13 or 69 or something?
