eBay sends Sellers TAX NOTICES for 2024

eBay sends Sellers TAX NOTICES for 2024

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Here is the link to the Ebay tax page that i believe is not correct-

Here is the link to the IRS Website which i believe to be correct and i would use-

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[RockstarFlipper]

Did you get the message? Don't be scared of taxes or the IRS:

Here is the link to the Ebay tax page that i believe is not correct-

Here is the link to the IRS Website which i believe to be correct and i would use-

[carolynseacord]

Can you do an updated video when you find out from ebay.

[samnova]

Thanks for info, think I’ll fell better getting a CPA to feel good.

[tigerbeforyou]

I think eBay is so messed up, they might tell you anything. Right or wrong.

[sellsformoola]

It is still in congress being argued to keep it at 5000.

[jeanjones]

This is so confusing . My older sister, age 72, is on SSI, her SS is to low for surviving . She was getting used articals from church friends, and, selling on eBAY . It gave her enjoyment, I bought things from her. She was wore down, trying to understanding what gov was doing with taxing people that are poor for $5, 000 . She sold less than 3, 000 in 2023, afraid she would loose her SSI, she gave it up. I live in Ca, she in Mississippi, I pay her electrict and gas bill to help out. It's disgusting the waste of tax $$, our Gov does and poor people barely survive.They cause this kind of bewildering and perplexing confushion over a few dollars. I find it disgusting!

[jeffhays]

What's sad is the millions ? of folks that only do $5, 000 in business online that will be on the hook for taxes on the GROSS number because they don't file business tax forms or take deductions for expenses for whatever reason, inertia, cost, or whatever. Filing 4 times a year for business returns is a huge cost and burden.

[shannonperez]

So if you sale old crap in ur crib how they handle that. I bought it used it and sold it but like this is ridiculous now if I bought it paid taxes on our purchase then I got to report as income for being a boarder shop a holic thay sales my used crap

[MrJPosh]

It’s sad that for people who either are on Social Security Disability and even younger and receive SSI disability benefits I take it are at a big disadvantage & risk of loosing their monthly benefits or have to give up selling. Just a general question, Does anyone one know the correct, & updated info for people whose is older, retired and drawing their Social Security Benefits or any person whose just drawing SSI - Disability Monthly Benefits and other benefits since those most plp don’t file any type of tax returns?

[dannywalker]

Found this.. TPSOs will be required to report transactions when the amount of total payments for those transactions is more than $5, 000 in 2024; more than $2, 500 in 2025; and more than $600 in calendar year 2026 and after.Nov 26, 2024

[curiouscollection]

Mandatory reporting may be 5k but any business can report any amount below the threshold. It is discretionary.

[mayperez]

Can you do another video about this when you call eBay? Thanks for the info. Very helpful.

[KathleenScaturro]

In your personal opinion (not tax advice) I subtract the cost of shipping labels, correct?

[danl.]

The tax code is made to be abused. Resellers should embrace it and get those write-offs (the legal ones, of course)...

[resamiller]

So if you take the standard deduction, you can't deduct your supplies or your postage or whatever you paid for your merchandise, am I understanding that right

[loneXolf]

Ebay seemed to have updated that page with $5000 but with a *

[zombemombe]

Help...I use fixed shipping. I use the ebay shipping calculator page to figure my shipping cost. It is gone, now it gives a range of cost instead of an actual price I am 73 using ebay to supplement SS on a part time basis. I am not sure that I understand how to use the page the have now.

[hyepwr]

i always get it electronically nothing has changed

[leesmithies]

if you're using cash basis accounting isn't the income only recognized when the money lands in your bank account? so this could be after buying shipping labels on ebay for example. or other expenses like buying stock on ebay.. if ebay there in the US goes the same way as here in the UK where sales get credited to an ebay balance which can then be spent on ebay or withdrawn.

[jordankline]

Or C, eBay is just providing a 1099 to 600 and above just to cover themselves and leave it up to the taxpayer to report whatever the IRS requires 🤷‍♂️ Does it really matter, there is probably thousands of “businesses” both big and small that don’t file or commit tax fraud yearly.