Author Topic: For Profit: What was your greates eBay SNIPE or FLIP?  (Read 683 times)

Offline Doug Rose

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Re: For Profit: What was your greates eBay SNIPE or FLIP?
« Reply #15 on: September 04, 2018, 05:23:20 AM »
I can smell the Skin So Soft...

Very nice, Doug. I've been selling on eBay for over a decade, and things have definitely changed...some for the good, and some for the bad. There's news that soon, everything on the internet will require sales tax....

I guess we should enjoy it while it lasts
Be very careful selling on eBay now. Paypal sends everything to the IRS. Anything over $600 you are responsible to pay state and federal taxes even if you do not receive a 1099 as we do in MA now....Doug
Kidphone

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Re: For Profit: What was your greates eBay SNIPE or FLIP?
« Reply #16 on: September 04, 2018, 03:41:50 PM »
Be very careful selling on eBay now. Paypal sends everything to the IRS. Anything over $600 you are responsible to pay state and federal taxes even if you do not receive a 1099 as we do in MA now....Doug

Curious to see the ways we can get around that using eBay.... I think eBay was trying to create it's own payment service.... I had heard that 600 figure somewhere before....

Online Desert Phone Guy

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Re: For Profit: What was your greates eBay SNIPE or FLIP?
« Reply #17 on: September 04, 2018, 07:22:41 PM »
Is that $600 a single transaction that is reported?

I was under the impression that the IRS reporting thresholds for ebay sales were $20,000 sales volume and 200  transactions annually.

Offline Doug Rose

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Re: For Profit: What was your greates eBay SNIPE or FLIP?
« Reply #18 on: September 04, 2018, 08:35:37 PM »
Do Not Believe if you stay under 20K you are Okay. You are not okay!

You are responsible for Taxes State and Federal on anything over $600. Get a Tax specialist....accountant.  Ever hit big on the Lottery. $600 they pay you right out. Over $600....they take taxes on the spot. It will come back to bite you. I have been paying taxes right along and was not seeing any profit.

Beware!..Doug
Kidphone

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Re: For Profit: What was your greates eBay SNIPE or FLIP?
« Reply #19 on: September 05, 2018, 05:14:57 AM »
I've never personally reported anything from eBay.....10+ years...around 50k in sales total.....

Doesn't mean it wont happen soon that they really start looking into what we're making....

Makes since, though. All that free money just sitting around the government wasn't getting it's paws on!

The shame!