You have to link your bank account to sell on eBay nowadays. No way to hide it anymore.
You have to link your bank account to sell on eBay nowadays. No way to hide it anymore.
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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