The Ebay Advice Column

[jjttdw]

I sold something yesterday through eBay and got paid through PayPal. The listing is from 2021 as well.

[BENYOUNG20]

I sold something yesterday through eBay and got paid through PayPal. The listing is from 2021 as well.

Sounds like you aren't on the new ebay payment plan yet. Even if you are signed up it doesn't start automatically. They are gradually adding more sellers to it.

[jjttdw]

I sold something yesterday through eBay and got paid through PayPal. The listing is from 2021 as well.

Sounds like you aren't on the new ebay payment plan yet. Even if you are signed up it doesn't start automatically. They are gradually adding more sellers to it.

I wish eBay would have just kept PayPal.

Does the money go directly into your account or can it sit as a balance like paypal?

[cotis]

I sold something yesterday through eBay and got paid through PayPal. The listing is from 2021 as well.

Sounds like you aren't on the new ebay payment plan yet. Even if you are signed up it doesn't start automatically. They are gradually adding more sellers to it.

I wish eBay would have just kept PayPal.

Does the money go directly into your account or can it sit as a balance like paypal?

sits as a balance for a few days, then transfers. you can setup daily transfer or weekly too, so it depends.

I'm still fighting with ebay over fedex charging me 3x the quoted cost due to Dimensional Weight of some tubes I sent. they automatically deduct this from your "balance" and it's really tough to fight it now.

[mattlew69]

Seller needs to buy a poster iron. Never seen so many mondos with so many rolls.

Probably because he uses work boots for poster weights.

Feel bad for the bidders. Nice Fender tho.

https://www.ebay.com/sch/allpartofthepl ... 7675.l2562

[guryter]

Oh man, what a mess of random weights and roll bends.

I had two very positive recent buyer experiences on ebay. Prints stated as mint actually arrived that way, mad chuffed.

[bubbie]

Luls. It’s probably that dude who made a video about how to open a mondo tube years ago.

[jjttdw]

I love how the listings have the condition as:

New: A brand-new, unused, unopened, undamaged item (including handmade items). See the seller's listing for full details

[kansasbbq]

Seller needs to buy a poster iron. Never seen so many mondos bottlenecks with so many rolls.

Probably because he uses work boots for poster weights.

Feel bad for the bidders. Nice Fender tho.

https://www.ebay.com/sch/allpartofthepl ... 7675.l2562

[mattlew69]

oops.

please send my sincerest apologies to art daddy, if i have offended.

[Bryman]

Seller needs to buy a poster iron. Never seen so many mondos bottlenecks with so many rolls.

Probably because he uses work boots for poster weights.

Feel bad for the bidders. Nice Fender tho.

https://www.ebay.com/sch/allpartofthepl ... 7675.l2562

Given the nature of the photos, perfect use of a proprietary eponym for comedic effect(whether intentional or not). Original post stands. Meeting adjourned.

[mlinderer]

This is more of a paypal question than Ebay, but does anyone have experience with handling a 1099k form from paypal? I know I'm not the only Chicago person who was surprised with a 1099k form over the weekend as I've found out that Illinois requires one to be sent out if your paypal has $1000 transferred and over 4 transactions in 2020 (federal requirement is $20k and 200 transactions). I'm not out here flipping posters for income, I just buy and sell occasionally to keep the hobby going so my records of what I paid for some items years ago are not great, and now Illinois has this ridiculously low threshold before you get a tax form. If you're in the same boat and have dealt with this before or know how you plan to, any insight will be appreciated.

[BENYOUNG20]

If you sell something you are suppose to file taxes on it, regardless of if its one thing or a million dollars. I would provide it to whomever does your taxes and they will know how to enter it.

[kcn0]

mlinderer, I'm in the same boat thanks to Pritzker and his policy changes ($1k and 3 transaction... what a joke!!). From a tax perspective, you should be claiming any/all profits from a tax perspective, regardless of if you received a 1099k. Now that you have received a 1099k, you need to make the proper classification on your 2020 taxes, or the IRS will likely audit you down the road. In the case where you sold personal items, assuming at a loss of what you paid, you don't need to pay taxes on those. If you sold items at a profit, you should be paying taxes on those. Completing schedule C should allow you to take an exemption to your costs (TAXES PAID DIRECTLY TO EBAY, ebay fees, paypal fees, shipping fees, cogs, etc.), and if you sold items for more than what you paid, you'd be responsible for paying the taxes on the gains.

EDIT: Unfortunately, you can't claim a loss on the sale of personal items. So you'll either need to show a break-even or (hopefully) a small profit.

EDIT2: This really has me questioning selling anything on eBay and/or accepting PP G&S payments.

[BENYOUNG20]

I 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.