Coin Sellers Beware

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morganman
Posts: 1061
Joined: Fri Jun 29, 2018 4:02 am

Coin Sellers Beware

Post by morganman » Sun Jan 16, 2022 4:45 am

:popcorn: So now Fleabay will document
sales of $600 & over & send out
statement therof like 1099 ?
So the poor seller gets hit with
e bay/pay pal fees plus Tax
consequences. Be aware and check
your alternatives and actual issues
before selling lots of dollars of coins

Im not real up on all this but will
act accordingly natrually to avoid
all this crap
:|
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iceman
Posts: 392
Joined: Sun Jan 20, 2019 12:27 pm

Re: Coin Sellers Beware

Post by iceman » Sun Jan 16, 2022 1:05 pm

Morganman/All
So I guess the Feds had a say in this with Ebay then . I didnt think this $600 sales stuff reporting was approved as of yet with the FEDS . Or is Ebay just getting a step ahead of this ? Anyways it will really hurt the the Sales of stuff on EBay .

Morganman Thanks for that info so we know whats up with stuff like this !!!

John
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vamnuke
Posts: 1035
Joined: Wed Aug 01, 2018 11:57 pm

Re: Coin Sellers Beware

Post by vamnuke » Sun Jan 16, 2022 2:21 pm

So what’s the bottom line? It would be nice if someone could distill the essence of the law. So, $600 cumulative for a year or single purchase? Then the paperwork? For example, sell 2 items @ $300 each to same person at same time. Now figure out cost basis, fees (listing / sale fees, PayPal fees if applicable). What about postage if not included / partially collected in on-line sale? :cry:
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Longstrider
Posts: 917
Joined: Tue Jul 03, 2018 9:12 pm
Location: Mojave High Desert

Re: Coin Sellers Beware

Post by Longstrider » Sun Jan 16, 2022 5:45 pm

@vamnuke I totally agree. I asked myself the same questions. I don't think any knows for sure yet.
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DarksideVAM
Posts: 98
Joined: Thu Mar 11, 2021 1:06 am

Re: Coin Sellers Beware

Post by DarksideVAM » Sun Jan 16, 2022 6:14 pm

I believe it's only the tax reporting law that changed. Online marketplaces that manage payments are now required to report $600 or more in gross payments within a tax year. They will report to the IRS and taxpayer on form 1099-K.

However we will only owe tax against profits less losses like always. It's my understanding that we can continue to use form 8949 as usual. The only difference is that the gross income will have been reported.
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lioncutter
Posts: 302
Joined: Sat Jun 02, 2018 4:28 pm
Location: Lexington, Kentucky

Re: Coin Sellers Beware

Post by lioncutter » Sun Jan 16, 2022 8:19 pm

Here is a little clarity by ebay on the issue.

https://community.ebay.com/t5/Announcem ... p/32508057
I may not be the best, but I do not know anyone better.
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...kenny
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Location: Big Rock, New Hampshire
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Contact ...kenny

Re: Coin Sellers Beware

Post by ...kenny » Sat Jan 22, 2022 2:17 pm

options for sellers? idea's? other than in-person like a show...
Of all the things I've lost, I miss my.........Ahh........Uhmm........something, something, something..... :lol: :lol: :lol:
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hairfield1
Posts: 433
Joined: Wed May 30, 2018 4:34 pm
Location: Virginia

Re: Coin Sellers Beware

Post by hairfield1 » Sat Jan 22, 2022 3:08 pm

Maybe there should be more buying, selling, trading by our members :popcorn:
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Longstrider
Posts: 917
Joined: Tue Jul 03, 2018 9:12 pm
Location: Mojave High Desert

Re: Coin Sellers Beware

Post by Longstrider » Sat Jan 22, 2022 3:35 pm

@hairfield1 I totally agree. I have bought from several members here with all good results. I usually use PayPal Friends & Family. Looking for more Peace Dollar sales.
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morganman
Posts: 1061
Joined: Fri Jun 29, 2018 4:02 am

Re: Coin Sellers Beware

Post by morganman » Sat Jan 22, 2022 3:57 pm

:popcorn: The bad news; $600 annual sales
or more will receive a 1099 or equal which
sets up sales reporting profits/loss

Consider this; States with no sales tax
like oregon, have a huge advantage
over states sellers that have to charge
the going tax rate. A $1000 coin sale at
say 8% sale tax is $80 & a 5k coin $400
Oregon buyer pays O while others get
hammered with tax. Unfair mess!!!

Between IRS profit 1099 reporting & this
sales tax along with e bay/paypal or
other sales costs the poor seller is
really screwed. Like other gov intereferenc
it lends to sellers/buyers finding ways
to side step getting clobbered by the
gov rules mess, thus making liars out
of normally honest people. This is a huge
deal to folks that buy & sell large amts
:|
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...kenny
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Location: Big Rock, New Hampshire
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Contact ...kenny

Re: Coin Sellers Beware

Post by ...kenny » Sat Jan 22, 2022 4:33 pm

so I doubt that VAM World or the SSDC wants to be the vehicle for a Buy & Sell of large proportions. I imagine they would fall under the same rules??? I've just dipped my toe into the 'discord' pool with the card grading company I work for. Don't know 'any' of the ins & outs yet but it seems similar to a forum. I'm hardly tech savy... :lol:
Of all the things I've lost, I miss my.........Ahh........Uhmm........something, something, something..... :lol: :lol: :lol:
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Kurt28
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Joined: Sat Jun 02, 2018 4:00 pm

Re: Coin Sellers Beware

Post by Kurt28 » Sun Jan 23, 2022 1:47 am

I fear that this is just the beginning.
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