If you use venmo or paypal 1099 over $600 for 2022

So which platform is next that doesn't do this?

Forbes states rhey all will "third party payment systems"... but then also states that if you're selling items at a loss you don't have to pay taxes. Hmm
 
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What a mess they are making for doing your own taxes. Trump passes a law to simplify it, so theoretically I can do a one page tax form now, right? Then congress gets involved, and I have to file additional pages for interest over a low amount (like $250), separate pages for each health savings account, and now I have to account for all this crap on ebay with more pages? Seriously, this is getting ridiculous. It is a 1040EZ form with 10 additional pages.

I probably never hit that $600 mark on ebay - I just mostly sell used books and car stuff that I find in the garage. But what a pain if I did! I sold a set of rims with snow tires for my 2012 Camaro a few years ago for $600 on Craigslist. I bought them used, so how would I even prove that I sold them for less than I paid? Ugggghhhhh.

-Geoff
 
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Facebook is already collecting this data. That's why they ask you if you sold/bought the item and who to.

Did you notice that Facebook and a ton of other companies are trying to tell what are in the items for pictures? Look at the meta.

Pretty much everyone is trying to use your data for advertising and marketing reasons. Just wait until they start using it against you for money reasons.
 
Could you try to end "Buy it now" auctions early? About half the time I get offers from people to end it outside of ebay. If I could do that and do it face to face I would. It's not like you get a ton of protection as a seller anymore. List everything "Pick-up only". At that point it is just a fancy Craigslist, but it would get you better exposure on rare or valuable items.

-Geoff
 
WhiteHawk said:
Could you try to end "Buy it now" auctions early? About half the time I get offers from people to end it outside of ebay. If I could do that and do it face to face I would. It's not like you get a ton of protection as a seller anymore. List everything "Pick-up only". At that point it is just a fancy Craigslist, but it would get you better exposure on rare or valuable items.

-Geoff
Click to expand...

You could probably go that route, but you'd have to be careful about how you ship them or what kind of payments you receive. I think a series of auctions that end early plus the additional deposits into whatever payment app you use (or cash deposited into an account) could raise some red flags.
 
It started Jan 1 2022 , its 600 total in a calendar Year , all electronic forms of payment , zelle venmo paypal ETC, unless its sent as friends and family

its not a change in the law its a change in the way things are reported
 
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