Half.com (Ebay?) IRS 1099 regulations for Sellers

[JC48573]

I was searching for info today if ebay sellers "needed" to file tax and then I got this email later in the afternoon. If you are a seller with more than 200 transactions "and" make at least 20K in sales per year, then you will have to file Form 1099-K. How do you guys feel about this?

[AppleQueso]

I doubt that's Ebay's deal

[GamerMON]

I don't think this applies to anyone here. If you make 20 k on ebay, that is a business and businesses need to pay taxes. I don't have 200 transaction including things I have bought.

[Ziggy]

I don't think this applies to anyone here. If you make 20 k on ebay, that is a business and businesses need to pay taxes. I don't have 200 transaction including things I have bought.

Same here. That's a lot of money, and 200 is a lot of auctions.

[deathclaw]

I don't think this applies to anyone here. If you make 20 k on ebay, that is a business and businesses need to pay taxes. I don't have 200 transaction including things I have bought.

Same here. That's a lot of money, and 200 is a lot of auctions.

I think it's just the revenue, not the profit. So you could make a few hundreed bucks and have revenue over 20 k. Heck, you would not even have to make any profit whatsoever. You could be just a big collector, reselling your stuff.

[GamerMON]

Even if you are just a Collector, if you profited 20k over the course of the year through sales I think you can afford to pay some taxes. I assume the guy who sold his sealed copy of stadium for 40k can afford to pay some earnings taxes.

[deathclaw]

Even if you are just a Collector, if you profited 20k over the course of the year through sales I think you can afford to pay some taxes. I assume the guy who sold his sealed copy of stadium for 40k can afford to pay some earnings taxes.

No, I am talking just about revenues, not profits. If you buy games for 30 k and sell them for 28 k, your revenue is 28 k but your profit is - 2 k