PAYPAL~info just released for PAYPAL users/sellers
11-20-2010, 12:23 AM
#11
Senior Member
Join Date: Apr 2010
Location: Missouri, USA
Posts: 323
Anyone who earns $20,000 income should have to report it, no matter how it's earned. Waiters and Waitresses have to report their tips as income. I don't see the difference, except that a person who sells on eBay and receives payments through PayPal doesn't stand on his/her feet and carry heavy food trays as a waiter or waitress does. $20,000 in earnings indicates a person has an eBay business, which isn't the same thing as a person selling outgrown clothes or items sold after a home decluttering.
11-20-2010, 05:14 AM
#13
Senior Member
Join Date: Dec 2009
Location: South Chesterfield, Virginia
Posts: 725
Originally Posted by Bobby's Girl
Anyone who earns $20,000 income should have to report it, no matter how it's earned. Waiters and Waitresses have to report their tips as income. I don't see the difference, except that a person who sells on eBay and receives payments through PayPal doesn't stand on his/her feet and carry heavy food trays as a waiter or waitress does. $20,000 in earnings indicates a person has an eBay business, which isn't the same thing as a person selling outgrown clothes or items sold after a home decluttering.
11-20-2010, 05:36 AM
#14
Senior Member
Join Date: Mar 2010
Location: North Central Texas
Posts: 656
Technically even garage sale income is taxable. Virtually ANY income is considered taxable by the IRS. Granted, I doubt anyone ever reports this type of income. Any time anyone earns at least $600.00 or more lets say in contract wages, the payer is required to issue a 1099 for those wages. Just so you know....
Frankly, I am surprised that they placed the amount at $20,000. Many sellers will be fortunate there.
Frankly, I am surprised that they placed the amount at $20,000. Many sellers will be fortunate there.
11-20-2010, 05:48 AM
#15
Power Poster
Join Date: Sep 2007
Posts: 18,726
I agree with Born2Sew. I've always thought it wasn't fair that people didn't report "cash" income when they should.
I think this allows the casual seller to have a little extra$..but catches the ones who are truly running a business but haven't been paying their share.
I don't think it will effect many of the destashers on the board.
I think this allows the casual seller to have a little extra$..but catches the ones who are truly running a business but haven't been paying their share.
I don't think it will effect many of the destashers on the board.
11-20-2010, 06:39 AM
#16
Super Member
Join Date: Dec 2008
Location: Michigan
Posts: 2,916
Originally Posted by moonrise
I didn't read the whole thing word-by-word, but from the information at the top, it probably won't affect anyone here, unless you're an actual business or are a serious, serious destasher. ;)
o Receive more than $20,000 in gross payment volume in a single year, AND
o Receive 200 or more payments in a single year.
"And", not "or". That "and" helps the average destasher or casual seller a lot. :)
o Receive more than $20,000 in gross payment volume in a single year, AND
o Receive 200 or more payments in a single year.
"And", not "or". That "and" helps the average destasher or casual seller a lot. :)
11-20-2010, 07:30 AM
#17
Super Member
Thread Starter
Join Date: Nov 2008
Location: WHERE THE SUN ALWAYS SHINES
Posts: 9,256
Originally Posted by LindaR
Originally Posted by moonrise
I didn't read the whole thing word-by-word, but from the information at the top, it probably won't affect anyone here, unless you're an actual business or are a serious, serious destasher. ;)
o Receive more than $20,000 in gross payment volume in a single year, AND
o Receive 200 or more payments in a single year.
"And", not "or". That "and" helps the average destasher or casual seller a lot. :)
o Receive more than $20,000 in gross payment volume in a single year, AND
o Receive 200 or more payments in a single year.
"And", not "or". That "and" helps the average destasher or casual seller a lot. :)
Another thing to think about is that with our economy people have been making ends meet by what they are doing instead of going out and robbing people / places. They need to put food on the table.
11-20-2010, 07:40 AM
#18
Super Member
Thread Starter
Join Date: Nov 2008
Location: WHERE THE SUN ALWAYS SHINES
Posts: 9,256
Originally Posted by sandpat
I agree with Born2Sew. I've always thought it wasn't fair that people didn't report "cash" income when they should.
I think this allows the casual seller to have a little extra$..but catches the ones who are truly running a business but haven't been paying their share.
I don't think it will effect many of the destashers on the board.
I think this allows the casual seller to have a little extra$..but catches the ones who are truly running a business but haven't been paying their share.
I don't think it will effect many of the destashers on the board.
I started selling off the contents of a 20' storage locker and needed an outlet to do it that would work for me. I didn't ask for the hit & run accident that disabled me and stuck me in a life where I couldn't afford to buy decent food to eat. I felt I had the right to sell my property for food and meds. and warm clothing.
Thankfully the storage is now almost empty and I don't have to worry about the changes but I literally had to list vintage quilts and a ton of other vintage linens for barely nothing just to get it done this year because of the changes that they changed anyhow.
11-20-2010, 07:47 AM
#19
Super Member
Join Date: Jul 2007
Location: Pine Grove, California
Posts: 2,816
This doesn't surprise me and I expected it was coming.
The good news is that it isn't going to affect us who sell occasionally on E Bay.
I used to sell lots of small items but only in my dreams did I ever gross $20,000!
(Like others have said, if they made the cash they need to pay the tax.....)
The good news is that it isn't going to affect us who sell occasionally on E Bay.
I used to sell lots of small items but only in my dreams did I ever gross $20,000!
(Like others have said, if they made the cash they need to pay the tax.....)
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