I am done with eBay

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Droneted

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We have a new administration in DC. That means new rules for us to try to follow. The old rule for selling on eBay was anything over $20K in sales and you get a 1099 and have to pay taxes on the profit. This means you have to keep track of everything just like a real business. Now the IRS has changed it to $600. So if you live in the USA and you sell an old drone on eBay for $700, be prepared to pay taxes on $700. Casual sellers are getting screwed badly unless they can prove what the real profit was. That means you have to find receipts for anything you sell on eBay. Sell a lot of small crap on eBay over the next year and it adds up to over $600, you will need receipts for every little item. I know lots of people that sell on eBay that are in this boat with me. We are all dropping eBay as it is not worth the hassle. I am not going to get political but DC just killed off a lot of casual sellers. Most are old like me and were just trying to get by on Social Security. At 77 my time was limited anyway so it is not a big deal for me. I expect I will assume room temperature in the very near future.
 

Oso

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We have a new administration in DC. That means new rules for us to try to follow. The old rule for selling on eBay was anything over $20K in sales and you get a 1099 and have to pay taxes on the profit. This means you have to keep track of everything just like a real business. Now the IRS has changed it to $600. So if you live in the USA and you sell an old drone on eBay for $700, be prepared to pay taxes on $700. Casual sellers are getting screwed badly unless they can prove what the real profit was. That means you have to find receipts for anything you sell on eBay. Sell a lot of small crap on eBay over the next year and it adds up to over $600, you will need receipts for every little item. I know lots of people that sell on eBay that are in this boat with me. We are all dropping eBay as it is not worth the hassle. I am not going to get political but DC just killed off a lot of casual sellers. Most are old like me and were just trying to get by on Social Security. At 77 my time was limited anyway so it is not a big deal for me. I expect I will assume room temperature in the very near future.
I feel badly that this is happening to you sir. Stories like yours really chafe me, and I've already heard many from eBay and Etsy sellers. I'm ten years behind you, and still have kids in HS and College plus one already graduated and on his own. It disappoints me to think that they may never get to see the generally great country I saw most of my life.
 
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For anyone wondering, this goes for all selling platforms, not just e-bay. Yup, keep all receipts , use more platforms and spread those sales around !! (Mod Removed Inappropriate Remark)
 
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Droneted

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Yes all the on line platforms like eBay have to follow the new rules. Good advise to spread it around but there are only so many places to sell. I could reach $600 very quickly on all of them. I was never in it for the money so keeping receipts was not necessary. Besides I hate bookkeeping. I think there are going to be a lot of folks just making stuff up for the IRS. Being an honest person when it comes to the IRS, I could never cheat.
 
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I got an email from eBay yesterday that in part states: "Unless you had more than $20,000 in gross sales and 200 transactions in 2021, we will not submit a 1099-K form to the IRS or the California Franchise Tax Board."
 
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AMEN Droneted, et al.!!!!! I have been repairing & selling DJI drones & mostly cameras for 10 years & never got near the $20k threshold. This whole thing came out of the PPP rules that went into effect because of Covid. Pretty sneaky way to get us little guys to help pay for the crooks that have used their PPP money for Lambos, etc.
I will now have to keep track of the obvious costs, but the part that really bunches my panties, deals with the reject parts I have to eat because the overseas sellers don't want to pay for return shipping, (that's another topic for discussion; huge discounts for overseas sellers to get their crap to us). The sellers have been duped by their distributors into believing the gimbal parts they are selling, are "NEW" AND "tested", which we all know they aren't. Even the "new" P4 yaw motors, which ARE new, are quality control rejects from a DJI contractor, and require modifications to get them to work properly, (sometimes just junk). Sometimes these reject parts don't rear their ugly heads until months after purchase, which makes it difficult to get a refund from sellers & eBay's policies. I have to purchase parts in advance of needing them or I can't make timely repairs. The other issue is charging labor on repairs, or even calculating it into cams I sell. A lot of the time it takes waaay longer to fix a troublemaker cam than I can charge. Sometimes I make a whopping $3 hr. Some may say, "so why are you even doing this?" Well, at my age, (1 year younger that Ted), I consider working on these cams as "dementia prevention". They are VERY challenging & sometimes very frustrating, but keep the neurons active.
I have been writing up details on every cam I fix, but now I have to add eBay seller fees, postage, tax, losses from rejects, original cost, (if purchased for my self), space used for this "hobby-turned- business" , (% for home based business), % of utilities, rent for the space, anything related to printing labels, etc. I had a sailboat rigging business before I retired, along with a full-time job & always received a refund for the rigging business for 26 years. SO, IRS, you are going to find out you have stepped into some doo doo with this decision to go after the small business entrepreneur. Mark my word, many home-based business folks are going to talk to their attorneys & accountants & this craziness is going to bite the IRS in the butt. It will turn the dream of having your own business into, what I call Entramanureshi..... Enough of this, I have 8 cameras to fix. :)
 
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We have a new administration in DC. That means new rules for us to try to follow. The old rule for selling on eBay was anything over $20K in sales and you get a 1099 and have to pay taxes on the profit. This means you have to keep track of everything just like a real business. Now the IRS has changed it to $600. So if you live in the USA and you sell an old drone on eBay for $700, be prepared to pay taxes on $700. Casual sellers are getting screwed badly unless they can prove what the real profit was. That means you have to find receipts for anything you sell on eBay. Sell a lot of small crap on eBay over the next year and it adds up to over $600, you will need receipts for every little item. I know lots of people that sell on eBay that are in this boat with me. We are all dropping eBay as it is not worth the hassle. I am not going to get political but DC just killed off a lot of casual sellers. Most are old like me and were just trying to get by on Social Security. At 77 my time was limited anyway so it is not a big deal for me. I expect I will assume room temperature in the very near future.
I have a 88 year old at home so you have some good years left I hope
 

dirkclod

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Ok guys I’ve done warned several members and deleted several post in this for political remarks and will anymore that do. I know it’s hard not to but I can’t allow it and am not.
Continue and will just close this.
dc
 

Droneted

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Ok guys I’ve done warned several members and deleted several post in this for political remarks and will anymore that do. I know it’s hard not to but I can’t allow it and am not.
Continue and will just close this.
dc
I agree. Now is a good time to close this out.
 
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dirkclod

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