Author Topic: eBay Withdrawal  (Read 2648 times)

Online Doug Rose

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eBay Withdrawal
« on: November 29, 2015, 06:35:59 PM »
I cannot list on eBay as I have hit my limit before taxes apply for the year. I thought it was just buying phones I was addicted to!  8)......but I really enjoy selling as well. I am looking forward to New Years Day. Really!  ;)....Kidsell
Kidphone

Offline WEBellSystemChristian

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Re: eBay Withdrawal
« Reply #1 on: November 29, 2015, 07:19:09 PM »
Doug, you tortured soul! I guess the only thing you have left to do for the rest of the year is buy some more, I guess... ;)

Oh well, not everything can be as fun as saying goodbye to your beautiful phones as they get sold to strangers... :o
Christian Petterson

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Offline Brinybay

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Re: eBay Withdrawal
« Reply #2 on: November 29, 2015, 07:30:09 PM »
Set up a different ebay account under your wife's name instead!
 
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Online Doug Rose

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Re: eBay Withdrawal
« Reply #3 on: November 29, 2015, 08:02:06 PM »
Briny...it is Paypal that gets you not eBay! You can have many accounts but you SS# is the killer.....Doug
Kidphone

Online Doug Rose

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Re: eBay Withdrawal
« Reply #4 on: November 29, 2015, 08:05:02 PM »
of course there is Craig's list:


"Hi!
I just viewed your ad posted. I will be glad to meet you tomorrow to take a look at it  anytime after 5:00 pm. I work nights at my shift starts at 6:00 pm. I'm off duty on Tuesday and Wednesday , I can come around then check it out Tuesday anytime after 2:00 pm and discuss at any public place comfortable for you , I have to pick somebody up from the airport at 12:20pm. Could you possibly show it to me tomorrow ? Let me know what time i can come to take a look it, i want to be sure if it's still in great condition before i purchase it and i'm ready to pay in cash...Please reach me on @  tylerclara36@gmail.com. Let me know. Thanks!"

Good Ole Tyler Clara answered three of my ads with the same message. Think I should answer?...Doug
Kidphone

Offline tallguy58

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Re: eBay Withdrawal
« Reply #5 on: November 29, 2015, 09:05:55 PM »
Social Security # on PayPal???
Cheers........Bill

Offline wds

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Re: eBay Withdrawal
« Reply #6 on: November 29, 2015, 09:06:50 PM »
I don't sell much on Craigslist, but I always seem to get the guy that wants to use gmail right away instead of the craigslist email.  I never hand out my regular email address until I've had some communication with the buyer first.  In my case, I never hear back once I respond using the craigslist email which confirms my fear that it's some kind of spam - last thing I need is more spam in my gmail account. 
Dave

Offline Brinybay

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Re: eBay Withdrawal
« Reply #7 on: November 29, 2015, 09:23:49 PM »
of course there is Craig's list:


"Hi!
I just viewed your ad posted. I will be glad to meet you tomorrow to take a look at it  anytime after 5:00 pm. I work nights at my shift starts at 6:00 pm. I'm off duty on Tuesday and Wednesday , I can come around then check it out Tuesday anytime after 2:00 pm and discuss at any public place comfortable for you , I have to pick somebody up from the airport at 12:20pm. Could you possibly show it to me tomorrow ? Let me know what time i can come to take a look it, i want to be sure if it's still in great condition before i purchase it and i'm ready to pay in cash...Please reach me on @  tylerclara36@gmail.com. Let me know. Thanks!"

Good Ole Tyler Clara answered three of my ads with the same message. Think I should answer?...Doug

No.  I always say in my CL ads to reply with a legit phone number.  No number, no sale.
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Offline AE_Collector

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Re: eBay Withdrawal
« Reply #8 on: November 29, 2015, 09:49:36 PM »
I was just wondering about a week ago where that taxing ebay sellers thing got to. You have answered my question. It is alive and well. I wish i could get motivated to sell a phone or two.

Terry
« Last Edit: November 30, 2015, 02:41:28 AM by AE_Collector »

Online Doug Rose

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Re: eBay Withdrawal
« Reply #9 on: November 29, 2015, 09:55:37 PM »
Social Security # on PayPal???
How else would you get taxed on it? You get a W-whatever if you go over ...Doug
Kidphone

Offline tallguy58

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Re: eBay Withdrawal
« Reply #10 on: November 29, 2015, 10:46:32 PM »
So Paypal reports your sales to  the IRS?
Cheers........Bill

Offline Stan S

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Re: eBay Withdrawal
« Reply #11 on: November 29, 2015, 11:09:21 PM »
Hope everyone had a great Thanksgiving.
Now for the bad news!
PayPal will send you and the IRS a 1099 if you RECEIVE a total of $20,000 or have over 200 PayPal transactions.  PayPal doesn't care if the money was for Ebay sales or not.
IMHO anyone who thinks they can purposely fall below these level and not report Ebay sales as income is looking for major league trouble.
Both Ebay and PayPal (when they were one) have always maintained the position that they will work 'hand in hand' with Any Governement or Law Enforcement Agency.  You as an Ebay or PayPal user have absolutely no right to privacy.
Whether you see fit to report Ebay sales to the IRS as income or not is up to you if you fall below PayPal's stated limits.
From the first day I started selling on Ebay every sale was through PayPal.  At the end of the year I printed out my sales and purchases from my PayPal account and emailed everything to my accountant. You never try to get away paying taxes when there is a paper trail'.  In the case of Ebay and PayPal the paper trail is HUGE!  Remember, if the worst happens and the IRS finds you haven't declared income from Ebay sales for one year they will go back in time to the very first sale you made on Ebay.  You will have to pay penalties and interest for your entire sales from day one. You are also responsible to pass along tate Sales Tax if you;ve collected it for your state. 

Offline Phonesrfun

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Re: eBay Withdrawal
« Reply #12 on: November 30, 2015, 12:35:41 AM »
Hope everyone had a great Thanksgiving.
Now for the bad news!
PayPal will send you and the IRS a 1099 if you RECEIVE a total of $20,000 or have over 200 PayPal transactions.  PayPal doesn't care if the money was for Ebay sales or not.
IMHO anyone who thinks they can purposely fall below these level and not report Ebay sales as income is looking for major league trouble.
Both Ebay and PayPal (when they were one) have always maintained the position that they will work 'hand in hand' with Any Governement or Law Enforcement Agency.  You as an Ebay or PayPal user have absolutely no right to privacy.
Whether you see fit to report Ebay sales to the IRS as income or not is up to you if you fall below PayPal's stated limits.
From the first day I started selling on Ebay every sale was through PayPal.  At the end of the year I printed out my sales and purchases from my PayPal account and emailed everything to my accountant. You never try to get away paying taxes when there is a paper trail'.  In the case of Ebay and PayPal the paper trail is HUGE!  Remember, if the worst happens and the IRS finds you haven't declared income from Ebay sales for one year they will go back in time to the very first sale you made on Ebay.  You will have to pay penalties and interest for your entire sales from day one. You are also responsible to pass along tate Sales Tax if you;ve collected it for your state. 

Yup!

Keep good records.  The amount taxable is the profit, so the costs of what you sell are deductible, as are selling costs such as packaging and mailing costs, e-bay fees and PayPal fees.  Best to have an accountant as Stan says. 
-Bill G

Offline RotarDad

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Re: eBay Withdrawal
« Reply #13 on: November 30, 2015, 12:54:57 AM »
This is an interesting topic, and one we've discussed before.  As many probably know, only your net gain on a sale is taxable.  You would take a specific sale, subtract you Ebay and PayPal fees, etc. and that is your net proceeds.  Then you add up your "basis", which includes your purchase price, parts, and supplies used to repair/ restore that item.  You cannot add the value of your own labor, but you could include costs of services such as a Steve Hilsz dial restore.  Then, your total basis is subtracted from the net sale proceeds to arrive at the net gain or loss on that item.  Good records are very important for both proceeds and basis.

If you have a gain, that gain is taxable.  If you have a loss and you are a hobbyist, the loss is not deductible.  If you have a business, then you can deduct losses, depreciate equipment used in the business,etc., but there are IRS rules as to what constitutes a business.  If your gain is long-term (items held for a year or longer) you can potentially benefit from lower federal tax rates, but phones are "collectibles", which have less attractive rates than other capital items.

Disclaimer: Please consult your tax advisor.  I am not a CPA or tax accountant.   :)
Paul

Offline Jim S.

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Re: eBay Withdrawal
« Reply #14 on: November 30, 2015, 06:39:48 PM »
There is a strong argument that telephones aren't collectibles. The collectible category was created for things like sports cards and "Franklin Mint" type items.  The phones we collect  are used appliances. From a tax standpoint it is probably better to treat them as used consumer goods vs collectibles.


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