I deposit everything into my bag account now. I still have my PayPal account open and get some payments in there, but for the most part my PayPal account is empty and only used for making purchased via my PayPal business debit card, it pulls from my bank account but I only use it for business purchases. So when it is time to do takes I just print off my statements.
I had removed a bunch of stuff from ebay last year and just focused on my website for my online sales which is I run like a business. As for ebay I was just going to us each sale to figure out how much should be taxable after the cost & fees were subtracted from the sale price. Which is probably the best way for anyone to report the income in the future. If you count inventory and report everything as a business when you are not really a business, you might have more problems if you get audited. As for my 3d printing business everything is online with the purchase of resin, supplies, website cost, etc⊠and so are sales. So it is easy to track everything. I will start figuring everything out over the coming weeks and file a Schedule C. When I retire in about 3 years, I will expand my workshop and this will be my livelihood, instead of a hobby based business that it is right now.
1 Like
Sounds like a solid plan to handle all the tax stuff!
Just got notification of a tax document available from ebay. Thereâs a 1099K there for 13K
We know how much you sold last year on eBay now⊠muahahahahaha!!!
1 Like
Unfortunately, I am one of those Virginia suckersâŠ
and @agentpoyo - Iâm transparent - nothing to hide here (other than from the IRS) ⊠well, maybe from my wife.
1 Like
I already got mine in the mail and email.
well, all 1099s and w-2s are required to be distributed by today. So if you didnât get one youâre likely not getting one.
I downloaded H&R Block last night. going to bang it out this weekend.
1 Like
1099s need to be postmarked by today, not received. So, you still could get one from vendors over the next few days.
2 Likes
Yes, however electronic ones like eBay ( and Iâd assume
mercari) would need to post today.
I didnât get one; but I didnât sell a thing. Not a thing. Not a thing. All year. Not a thing.
2 Likes
Where is the actual tax info on Mercari? I cannot find crap on the site
Not sure you can get there through the app. May have to log in under a classic browser.
I found my sales report through typing âtaxâ in their help section, and going to the sales report link provided.
I didnât meet the threshold so I donât have a 1099-K, but can still still download sales for 2022.
I did the sales report. Guess that is going to have to do
I assume you canât find your 1099k?
If they generated one itâs supposed to be there. And by law theyâre required to for Maryland sales over $600 gross.
If youâre over that they messed up.
If youâre under, yes the sales report is all youâll get from Mercari the way I understand it.
Iâm still using Mercari, but I really loath how unclear some of their help features/direction is. I lost $200 in a sale because something got damaged in shipping and I misinterpreted the process to get reimbursed. And theyâre like âsorry, you clicked the wrong button and now we canât do anything for you! Have a nice day!â
I also struggle to sell things there, even if I offer the same thing on eBay for 10% more eBay still sells before Mercari every time.
And donât get me started on their search feature.
Ok, this is turning into a Mercari rantâŠprobably already a thread for thatâŠ.
3 Likes
I still list on Mercari, get a lot of likes and lookers, and then the books sell on eBay.
I dunno, it seems pretty dead.
2 Likes
Mercari is pretty awful. Their searches are laughable. Iâve bought a few things but will stick with eBay for sales. They could be fined for not getting you a 1099 postmarked by the end of January.
I currently upâd a lot of my prices on eBay. Why?
A lot of people on eBay are getting there Tax Refunds/Returns and impulsive buying.
Also, I chose to donate 10-15% of my sales to Charity. (Arizona Humane Society) where I rescued my Dog, Coach from.
My âStreet Fighterâ 1:10 variants have been selling well as of late, but Iâve hit the $410 threshold.
Iâm dangerously close to my $600 sale limit!
3 Likes
Sell. Make Money. Pay Taxes
1 Like