Well, the Ebay tax is real.

tom3

Veteran Member
Aug 1, 1999
14,908
ohio
Sold a couple items on Ebay last month, looking at the bank statement and I see "Payout Ebay tx" and a big long number listed on the deposits section. So when that tax account number reaches $600 the IRS is going to get a 1099K next January. The stuff we're selling we've had for 30 years and sure don't have any receipts to show for the profit or loss. And those amounts go on top of any other income when filing so they are taxed at the top bracket. So there's 14% for Ebay's fees and 20 - 30% for the Feds. Just another hit for the middle class I guess.
 

Jimmac

Veteran Member
Dec 24, 2013
845
tucson az
there's just too much money being swapped around and the govt is now wanting thier cut. Ebay and shopping on line was great when it first came out, no taxes, free shipping, why buy local?
I bet next up will be electric cars, when there's more of them on the road, the govt free ride will come to a end. they'll probably get hit with a mileage tax. jim
 

Lowend

Administrator. .a car, a man, a maraca.
Staff member
Lifetime Gold Member
Mar 25, 1999
16,849
San Jose, CA, USA
I mean - if you're running a business, it seems like you should be paying taxes on that. Just like any other business.
 

tom3

Veteran Member
Aug 1, 1999
14,908
ohio
I mean - if you're running a business, it seems like you should be paying taxes on that. Just like any other business.
Obviously correct. But if you're 73 years old selling a stereo receiver you bought in 1971 for $450 and it goes on ebay for $250, paying $75 bucks in fees and taxes is absurd. And a CD player/recorder that was $300 in the mid 80s goes for $125 these days, paying $40 in fees and taxes. All in mint condition BTW. (I wish my ears were in better shape)

But just a warning to the members here that it's coming next tax season so be ready.
 

frank5s

Veteran Member
Sep 6, 2008
320
Naperville Il
If you have parts that are year specific , like 1970 floor mounted gas pedal and sell for profit, list it
as long term capital gain, it will be taxed at a lower rate because you have owned it over a year.
Tom3 examples , could be listed as long term capital losses.
 

Z28PILOT

Veteran Member
Lifetime Gold Member
Oct 8, 2009
2,317
Emerald Isle , NC
Same with PayPal, money being tracked there , if you receive a payment for say a car part , they want a tax ID as well. I had to provide one , before they would release the money to me. Not their fault ….it our dirty government at work to gain total control Of our ever move.

Biden is trying to do away with hard money …..so I can’t walk down the street and buy a good or service from my neighbors yard sale or just friends . Feds wants everything we do , every move we make, every accessible way into every moveable way to tax everybody ANY time a transaction takes place . And we , are enabling them , just like Chicoms. Did….track everything you do , where you go or what services you are entitled to….though that chain on your ankle called a smart phone . If I buy a bushel of corn from your garden , Biden wants me to pay you with electronic credit ….traceable and tractable automatic to tax system to get their cut . Inprisoned by the smart phone and our government. And it will only take a short while , new generations will never know such freedoms existed , they will be trained to accept all this and never understand what has happened Over the past 100 years .
 
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