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Not sure why I am posting this here, but can't find a Tax Sub.

Below is the new section on Ebay about sales over $600. Notice the "No need to worry— you only pay taxes on profits." Fuck, who has invoices from 10-20 years ago? and no mention about "No need to worry— you also get to claim the loss on sales."

Buy a collector car 20 years ago (wasn't a collector car then) for $1,000 and sell it for $10,000 in 2022 = $9000 profit. Buy a Honda in 2010 for $10,000 and sell it in 2022 for $1000 = $9,000 loss. Can I claim the loss?

Ebay Policy: Here’s what you need to know Starting on Jan 1, 2022, eBay and other marketplaces are required by the IRS to issue a Form 1099-K for all sellers who receive $600 or more in sales. The new tax reporting requirement will impact your 2022 sales and taxes that you file in 2023—it will not apply to your 2021 sales and taxes that you file in 2022. Throughout 2022, look for updates from us that will help explain what’s changed and what you need to do next. If you haven’t already given us your Social Security number (SSN) or Individual Tax Identification Number (ITIN), we’ll ask you to provide it once you reach $600 in sales. No need to worry— you only pay taxes on profits. You won’t owe any taxes on something you sell for less than what you paid for it. For example, if you bought a bike for $1,000 last year and then sold it on eBay today for $700, that $700 you made would generally not be subject to income tax. While eBay is unable to give tax advice to our sellers, we want to help make dealing with taxes as easy as possible. Our goal is to help all sellers, casual or those selling as a business, with these new requirements.

Not sure why I am posting this here, but can't find a Tax Sub. Below is the new section on Ebay about sales over $600. Notice the "No need to worry— you only pay taxes on profits." Fuck, who has invoices from 10-20 years ago? and no mention about "No need to worry— you also get to claim the loss on sales." Buy a collector car 20 years ago (wasn't a collector car then) for $1,000 and sell it for $10,000 in 2022 = $9000 profit. Buy a Honda in 2010 for $10,000 and sell it in 2022 for $1000 = $9,000 loss. Can I claim the loss? Ebay Policy: Here’s what you need to know Starting on Jan 1, 2022, eBay and other marketplaces are required by the IRS to issue a Form 1099-K for all sellers who receive $600 or more in sales. The new tax reporting requirement will impact your 2022 sales and taxes that you file in 2023—it will not apply to your 2021 sales and taxes that you file in 2022. Throughout 2022, look for updates from us that will help explain what’s changed and what you need to do next. If you haven’t already given us your Social Security number (SSN) or Individual Tax Identification Number (ITIN), we’ll ask you to provide it once you reach $600 in sales. No need to worry— you only pay taxes on profits. You won’t owe any taxes on something you sell for less than what you paid for it. For example, if you bought a bike for $1,000 last year and then sold it on eBay today for $700, that $700 you made would generally not be subject to income tax. While eBay is unable to give tax advice to our sellers, we want to help make dealing with taxes as easy as possible. Our goal is to help all sellers, casual or those selling as a business, with these new requirements.

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[–] • 1 pt

I started backing off of eBay a lot. I’ve been active since 2000. Shipping is so fucking expensive. Fees are so fucking high. An example would be selling an iPad for $290. I probably could have waited it out for a few weeks and got a hair more but then waiting for maybe the supply of my item to drop so mine becomes a rare option that can fetch a bit extra backfires every time. So, I got the same sale price as I would if I could have found a local buyer. PayPal to $53!!! Shipping and insurance was approximately $19. I lost money. And I constantly lose money using eBay. The numbers just don’t make sense anymore.

[–] • 0 pt

I agree Ebay is no more stress than it's worth. But I have a few items I don't know where else to sell them.

[–] • 1 pt

It's a place to get something back if you want to get rid of things but it's hard to use it to make a buck anymore unless you're flipping some shit you've basically had given to you. I couldn't believe it when I saw that they took over $50 from that sale.

My brother and I both flip stuff on the side. Always have. We are always looking for deals. One thing that's working right now is just putting out some tables together on Sundays and taking some pics and posting it on Facebook marketplace. It's a mix of personal shit we are trying to get rid of and stuff we are trying to flip. It's actually been a really cool way to chat with neighbors. Best thing to come out of it were these kids who used to give me death stares when I'd come home because they'd have to pick up their shit from the street. They came over with their moms and dads and bought a bunch of stuff. We got to chat and now the kids don't look at me crazy anymore. Lol.

It's not done big operation so I'd hope we wouldn't get in any shit from johnny law. Not a lot of traffic or anything. Even have a cooperative effort going on as some neighbors have brought over stuff to sell for them and we split the take.

Problem is it will be 95 degrees here in no time and no way I'm gonna hang out outside in that.