Ebay Taxes?

[foghorn]

A lot has been changing the last few years on eBay and other marketplaces with taxes in the United States. I sold about 10k on ebay in 2019 and am wondering if I have to pay taxes on it. I keep hearing I do but just the book keeping alone will kick my ass and I really really don't wanna lol.

 

[umpteen]

eBay never ask me to pay taxes, but paypal - yes.
https://www.paypal.com/us/webapps/mpp/irs6050w
Internal Revenue Code (IRC) Section 6050W states that all US payment processors, including PayPal, are required by the Internal Revenue Service (IRS) to provide information to the IRS about certain customers who receive payments for the sale of goods or services through PayPal.
PayPal is required to report gross payments received for sellers who receive over $20,000 in gross payment volume AND over 200 separate payments in a calendar year. In order to help you understand these information reporting obligations, we have prepared the following FAQs. After reviewing the following FAQs, we recommend you consult your tax advisor to assess tax implications of Form 1099-K reporting.

 

[foghorn]

Yea they don't send a 1099 to the IRS but I heard people are still getting burned.

 

[SellingStealth]

anytime you make money you need to pay taxes on it. otherwise the penalties will add up far beyond your imagination

 

[magicjones]

Depends if you're a US citizen. If you are that means you have to file taxes on all income earned. Not worth learning the hard way (bank levy, lien on any propery you have, revoked passport, jail, etc).

I just did a few years of back taxes I hadn't got around to filing. It wasn't scary at all. Hired a CPA on Upwork for a few hundred dollars, ran thru whatever statements I had available and he prepared it all and sent it to the IRS. Now I'm on the monthly payment plan.

 

[SheddSky]

Depends if you're a US citizen. If you are that means you have to file taxes on all income earned. Not worth learning the hard way (bank levy, lien on any propery you have, revoked passport, jail, etc).

I just did a few years of back taxes I hadn't got around to filing. It wasn't scary at all. Hired a CPA on Upwork for a few hundred dollars, ran thru whatever statements I had available and he prepared it all and sent it to the IRS. Now I'm on the monthly payment plan.

Would you know anything about this for someone from the UK?

 

[magicjones]

Would you know anything about this for someone from the UK?

Sorry no clue

 

[foghorn]

Depends if you're a US citizen. If you are that means you have to file taxes on all income earned. Not worth learning the hard way (bank levy, lien on any propery you have, revoked passport, jail, etc).

I just did a few years of back taxes I hadn't got around to filing. It wasn't scary at all. Hired a CPA on Upwork for a few hundred dollars, ran thru whatever statements I had available and he prepared it all and sent it to the IRS. Now I'm on the monthly payment plan.

Yea in U.S. I realize I'm supposed to pay taxes on it but a lot of people have not paid taxes on eBay earnings in the past and were just fine. Paying isn't that big of a deal for me its just I have grocery bags of receipts in no order. Missing a ton too. Aww well I guess I'll just pay whatever they need