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eBay Maddness and a Warning
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<blockquote data-quote="Fred Kingston" data-source="post: 777688" data-attributes="member: 10742"><p>If you're a business, regardless of whether the vendor sent you a 1099 or not, you were obligated to report the business income. Those rules haven't changed in decades. If you're selling on eBay and doing 200+ transactions a year, you're a business and owe taxes on the any profit. </p><p></p><p>The 1099-K is for informational purposes only. It does NOT mean you owe taxes on the reported amounts.</p><p></p><p>If you're a business on ebay, then you/should be filing a Schedule "C"... in which case, you report the income, AND you also deduct the eligible selling/shipping expenses against that income. And pay taxes on the profit only.</p><p></p><p>It's the dishonest people on eBay that has triggered the IRS to mandate these measures... If you're gonna "blame" somebody, it isn't the IRS, it's the dishonest people that have been violating the law...</p></blockquote><p></p>
[QUOTE="Fred Kingston, post: 777688, member: 10742"] If you're a business, regardless of whether the vendor sent you a 1099 or not, you were obligated to report the business income. Those rules haven't changed in decades. If you're selling on eBay and doing 200+ transactions a year, you're a business and owe taxes on the any profit. The 1099-K is for informational purposes only. It does NOT mean you owe taxes on the reported amounts. If you're a business on ebay, then you/should be filing a Schedule "C"... in which case, you report the income, AND you also deduct the eligible selling/shipping expenses against that income. And pay taxes on the profit only. It's the dishonest people on eBay that has triggered the IRS to mandate these measures... If you're gonna "blame" somebody, it isn't the IRS, it's the dishonest people that have been violating the law... [/QUOTE]
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