[Boatanchors] eBay/PayPal

[MICHAEL BITTNER]

I agree that it's an improvement.  Sooner or later the money comes-from or goes-into your bank account.  The new system eliminates the middle man, namely PayPal.  Although you can still use PayPal if you want to.
Mike W6MAB




> On February 2, 2021 at 12:01 PM Doug Hensley <w5jv at hotmail.com> wrote:
> 
> 
> Nothings really changed regarding eBay & IRS forms.  If anything, it's improved slightly.
> Before eBay went to "Managed Payments" (using your own bank acct instead of PAYPAL)
> PAYPAL would not notify you if it was reporting your annual income through a 1099K.
> It reports anyone if the total transactional sum was $20K or more AND there were 200
> or more transactions.  All transactions whatsover are counted, sale, purchase, eBay or not
> eBay, etc. going out or coming in.  Most of us thought that was unfair.
> 
> eBay has actually improved things:
> 
>   1.   It tracks only your eBAY transactions
>   2.   This frees PAYPAL to be used for vendor purchases, person to person deals, money xfers, etc.
>   3.  eBay now collects any owed state tax and you can ignore this on your annual state tax filing;
> 
> The IRS also waives tax liability for any sale in which an item of your estate is being disposed of
> (any previously owned item of I think 24 months or more.). If you file the short form, you just do a
> 1040X with a schedule C identifying the transactions.
> 
>  A good tax guy can do this for you and keep your flag flying 🙂 ....
> 
> Hope this helps,
> 
> Doug W5JV