posted on March 1, 2015 05:33:02 PM new
You mean the PAYPAL 1099?
IF you sell on AMZN marketplace ,and accept payment thru AMZN one click,you will get one from them.
After all the deductible expenses,how much do most Ebay sellers make?
cost of good sold,shipping,insurance,mileage,supplies,software,hardware?
posted on March 19, 2015 05:21:03 PM new
I lost money on ebay, almost everyone will. The point is, I didn't use it as a business, but it is a hobby, and like most hobbies, loses money.
My point is the government is forcing them to do this.
posted on March 19, 2015 06:05:14 PM new
You only get a1099K if you sold more than 200 items & "made" more than $20,000 in sales. That is more than a hobby although you need an accountant to sort it out since it is total, not profit.
posted on March 21, 2015 11:38:11 AM new
I don't get this post.
If you sold more than $20K or 200 items, it auto generates a 1099.
If your "hobby" makes more than $500, then you have to pay taxes on it as income. If you consider your "hobby" as selling off personal items this still applies.
My question is what are you considering a loss? Are you selling items you owned and used for years, then sell it for less than you paid several years earlier? That wouldn't be considered a loss since you used the item - using it is part of the value.
posted on March 21, 2015 02:23:25 PM new
It is 200 transactions AND collect $20,000,both conditions must be met.
It is collecting 20,000 not making 20,000,PAYPAL or Ebay or AMZN does not know how much you make,only you and your accountant do.
posted on March 21, 2015 02:25:13 PM new
Say you have 100 transactions and collect $10,000 on AMZN and 100 transactions and $12,000 via Paypal from Ebay,Etsy,Half.com and your own site,neither AMZN or Paypal will send you or IRS a copy of 1099.
posted on March 21, 2015 02:29:36 PM new
Shag,
if you are selling personal items around the house,IRS expects you to sell them at a loss.
It does not take depreciation into consideration.
It can be a used toaster or blow dryer,it figures you sell them for less than you paid for .
But I am not sure antiques is treated the same way,you can read the IRS publication.
posted on March 21, 2015 02:32:57 PM new
If you are a hobby seller and made money selling your personal items,you report it as other income,one liner.
But if you keep selling and selling every year ,then it cant be a hobby,the stuff must come from somewhere ,then it becomes a business.
Then you file schedule C.
