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ebay "anti" ranting

pete

Brassica Oleracea
Staff member
Administrator
Just to go with my ebay ranting thread. This also really isn't about ebay, but another auction website. Close enough, though :D.

For years, I've posted an odd price when I bid. Not $75.00, but $75.09 or $75.76. You've got the idea. This finally worked for me. Yes, the next highest bid was $75.00 and I did bid $75.76. Now I get to find out if this is really a new keyboard or is just "has original box."

Anyone else got (auction site) wins by a couple cents?
 
Yes, I would ad 7 cents i.e. $105.07, and did win at least one auction that way. I'm not buying anymore, I'm selling everything but the Yanis and a few clarinets. The bit about receiving a 1099 is concerning, I didn't document my purchases (well) in anticipation of having to account for the original purchase price.
 
Yes, I would ad 7 cents i.e. $105.07, and did win at least one auction that way. I'm not buying anymore, I'm selling everything but the Yanis and a few clarinets. The bit about receiving a 1099 is concerning, I didn't document my purchases (well) in anticipation of having to account for the original purchase price.

I was surprised when I got an email from them about it.
I thought stuff "used" ... at one time ... wouldn't be taxed; ala casual sale. Think of all the flea markets and garage sales. But the online stuff is an easy singular, visible entity to tax I guess.

eBay

Hi BroccoliSlayer,

As of Jan 1, 2022, the IRS now requires us to file and send a Form 1099-K to everyone who sells $600 or more.

Since you’ve made $600 or more in sales this year, we’ll need your full 9-digit Social Security number (SSN) or Individual Tax Identification Number (ITIN) to send you your 1099-K.

Please update your information so we can start sending your payouts and avoid other account restrictions.

Check out our 1099-K FAQ to learn more about these changes.

When I googled it (without being taxed) I got this from CNBC
"Effective next year, sellers on certain online platforms like Etsy and eBay will receive a 1099-K if their sales are at least $600, down from the current threshold of $20,000 with a minimum of 200 transactions. Not all online sales are taxable, whether you receive tax form or not. Here’s when and how you should be reporting that income to the IRS."
 
from the IRS

From payment card transactions (e.g., debit, credit, or stored-value cards), and/or
In settlement of third-party payment network transactions above the minimum reporting thresholds as follows:

For returns for calendar years prior to 2022:
- Gross payments that exceed $20,000, AND
- More than 200 such transactions

For returns for calendar years after 2021:
- Gross payments that exceed $600, AND
- Any number of transactions

cha-ching !!
 

I think the bottom line is that the highest single fee is 15% of what you sell (women's handbags, jewelry, and watches). The lowest is 3% (heavy machinery). There are other fees beyond this, though. And ebay charges their fee on the final cost of the item + tax + shipping. There's also the insertion fee, if you've sold more than 250 things in a month.

Yes, I sold more than $600 worth of stuff, so I had to sign up on the 1099. Super sigh.
 
Now I get to find out if this is really a new keyboard or is just "has original box."
Nope, not brand new, but it's open box. All parts are accounted for and the keyboard looks great.
 
Suzy got the same tax message on Etsy where she has run a premie & doll clothing line for over ten years. Rather than track all the material & equipment costs. She has decided to close her store. I've closed down my Sophisticated Swing LLC because of the accounting overhead. Plus, I haven't made a profit in the twenty years I've been running it. But tracking the paperwork is not fun.
 
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I won a goodwill auction on an Orsi stencil alto saxophone by a mere 43 cents or so using the same sort of tactic you do, Pete. I think the entire thing cost less than $60.
 
I have to be extremely careful about Goodwill auctions because I have value data for a bunch of things in my head and I could easily spend megabux that should be spent on stuff like, oh, doctor bills.
 
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