EBAY Asks Resellers to Help

[@rod8369]

I’m triggered. How dare you give us sounded advice on what to do to prepare for tax season and how to effectively communicate with wBay. 😂 Kevin is spot on about My Reseller Genie. It’s made my and my wife’s life a little less stressful. It’s pretty affordable and it’s a tax write off. #giveaneBaygiftcardforHanukkah.

[@JohnnyLightningV10]

Ebay needs to fix the Vero system. Sellers have no recourse and companies wont help you out when you have an authentic item.

[@heathernicole4489]

My husband and I are new resellers on Ebay. We hit the $600 mark today and got an email saying the IRS made it into effect. They asked for more information (social security etc.). It's a done deal.

[@DebsZenLife]

Ebay requested that info last year too. IRS delayed it. Too much of a headache for them. Now there are pending bills in Congress to stop it all together.

[@bennystratton7734]

Yep Kevin has been given MISINFORMATION! and since the House now has NO speaker and i don't see the house choosing one soon the LAW is a done deal the IRS has to implement it they don't have a CHOICE or they would be breaking the law they did have the authority to POSTPONE the law which is what they did in Dec 2022 so tax payers could get accustom to the NEW law that is why in 2023 most didn't get 1099k forms (yet most were still required to self report)

[@bennystratton7734]

@@DebsZenLife PENDING bills with NO HOUSE SPEAKER without a HOUSE speaker NO bills can be voted ON! the way its looking i DO not see them Picking a Speaker anytime soon so for get them bring up that bill before next year then next year 2024 guess what we are in election year THEY are not going to be worried about revising a tax law (you got to be so stuck up on yourself or very gullible to think that) they are all going to consecrate on there re elections period end of story! so bottom line Get ready to get your 1099k on sales over $600 its coming Jan 2024 don't say i didn't warn you! btw Guinness Just because its pending in the HOUSE does not mean it will survive the Senate!! just deal with the fact its happening LIKE it or not either deal with or jump ship and stop reselling online period end of story!

[@devonf7470]

Shipping costs deter me from buying on eBay. A great deal immediately becomes a not such good deal once shipping costs are factored in. Love eBay but shipping costs keeps me from buying as much as I would like.

[@sarahhardy8649]

Free shipping is like free carpet underlay. The cost is built onto the price of the item. It’s just a case at looking at the overall cost.

[@devonf7470]

I’m not looking for free shipping but reasonable shipping costs. I realize that is not all on the sellers. USPS costs make it difficult.

[@sarahhardy8649]

@@devonf7470 sadly I think that is the case most places these days.

[@shawnriddle8830]

Shipping is not free, thats the cost of getting your item delivered to your front door.

[@DebsZenLife]

Good update Kevin. I read a congressional article recently that Ways and Means (chief tax writing committee in the House) passed a bill out of their committee to remove the $600 reporting requirement. Should be up for a vote by the end of the year. It's not just Ebay, Posh, etc., the American Association of CPA's (AICPA) and their lobbyists want it to be reversed too. Too much confusion and a headache for little $. Further, the committee wants the old $600 requirement for ANY work raised to $5,000. Most in Congress didn't know the amount hasn't been adjusted for inflation in almost 70 years. The $600 requirement was implemented in 1954! I will put a link in a reply.

[@DebsZenLife]

waysandmeans.house.gov/ways-and-means-passes-small-business-jobs-act-h-r-3937-to-help-main-street-america-suffering-in-the-biden-economy/

[@bennystratton7734]

I've been a reseller for 25 years full time on multiple platforms and been paying my taxes (or using legal deductions to get my tax burden down) now the majority will have to do this and the tax evaders and tax cheats that have USED the OLD law $20,000 and 200 transactions loophole (the word "and') will also now have to either pay there taxes owed or work to use legal deductions to get there tax burden down. I have issues with them rasing the $ threshold to $5,000 but THE transaction threshold MUST be kept at 1 or there will still be tax cheats and tax evaders

[@DebsZenLife]

@@bennystratton7734 BTW, both Congress and the CPA Association support putting it back to $20K....So...that said, why in the world would you be against progress? Even a measly $5K? Did you read the part that the 1099 $600 requirement hasn't been updated since 1954??? Never thought I'd say this, but it seems that there are reps in Congress that actually have "common sense" on this issue. FYI many people listing on Ebay are NOT resellers, they are just selling their own items and shouldn't be penalized. Now more than ever people need cash for bills. 65% of the population doesn't have $400 in savings for an emergency. When you move up to $2K in savings over 80% of the US doesn't have it! Wonder why sales have gotten slow? There ya go....A huge part of it.

[@bennystratton7734]

@@DebsZenLife yea beacuse the Assoctiaon has been paid off by lobbiest you IDIOT! i could care less if they support it or not they have been paid off to SUPPORT It! by the way THEY DONT Have enough votes to support the SWITCH back to the old ways! sorry i could care less what YOU THINK or feel you don't think you should be paying Self employment tax do the work to get the Tax burden down if you dot wan tot do the WORK then jump ship and go back to a brick and mortar job probably be much easier for you! btw news flash the reason sales are slow is because there are WAY WAY to many resellers Compared to buyers! the ratio needs to be flipped and there MUST be a reseller purge PEROD end of story and as a full time resellers on multiple platforms for 25 years if the Revision of the tax law Cause that Purge or Draining of the reseller swamp SO Be it it will be the best thing that has happen in the last 5 years! Fact sellers that are against this are tax cheats and tax evaders Period end of story does not matter if you sell personal items or items you intend ot make a profit on if you sold it the government looks at it as EARNED INCOME its YOUR JOB as a responsible adult to report it and show it was either a loss or gain! just because you didn't get a 1099k under the old law like many have stated on here you were still obligate under LAW to report that income and then reduce using legal Deductions

[@DebsZenLife]

@@bennystratton7734 Whoa, chill with the name calling. Sheesh. Are sales so bad today you need to take it out on people? LOL Actually others have checked and noted that there are less sellers this year. It's VOLUME of listings that are way up. Across the board but 400%+ in some categories. Another KZbinr checked historical data stats on Ebay's site. She was looking at women's clothing. In 2022 there were over 2 million women's tops listed. In 2023 there over 9 million. What an increase in just a year! Though I shouldn't be surprised, the common advice online is to list, list, list. These are people who want to do it full time and know about taxes. Most importantly: This dramatic jump in listings happened AFTER the $600 1099K reporting requirement was well known. Think about it. It's not stopping anything. It will only hurt people selling their own items. I know this as a buyer. It was sad to see a lady selling off her stuff to pay for her dog's vet bill. The IRS needs to leave people like her alone. Period. End of Story. (to use your words).

[@glitterwitch718]

Wallen has gotten so big lol I noticed it last night on the WhatNot Auction when Reagan was holding him. We mostly see him down on the floor & there he still looks like a pup lol 😂 such a little cutie

[@CoryW24]

Could eBay not add an option when creating a listing that classifies a listing as a personal item or an item being sold as a business. Being a smaller reseller, I list both personal and business in the same account, and remove the personal items and shipping as I put together my taxes. Note - Canadian reseller here.

[@24471lola]

I have another angle to look at when approaching filing my taxes. When you need to buy a car, refinance your house, etc. you have to be able to prove your income.I worked in finance for almost 20 years and if self employed people couldn’t bring me tax returns showing what they SAID they made, then it didn’t count! I figured if paid my taxes, they should too.

[@shawnriddle8830]

Taxation is theft!

[@bennystratton7734]

Amen! thing is what he government finally realized after decades the MAJORITY of resellers are tax cheats and tax evaders period end of story! and now because of the revised law they wont be all cheat or evade taxes!

[@Nakamaohana01]

It's my understanding that it doesn't matter if you're selling at a value loss. The IRS still needs a receipt for the original purchase.

[@whodidit99]

Added cost to Ebay for sending 1099s is minimal, just a change in the software. Buyer bot an ice cream maker? I see bunch of those every time I go to garage sales.

[@johnathin0061892]

Ice cream makers are total death on eBay. Sit around forever and barely go for the cost of shipping and fees, even if they are new.

[@mis7089]

I just found the Laundry soap we like cheaper on eBay than on Amazon. Very thrilled, plus helping a seller! We filled out the eBay Main street info and sent to the Senator's. We do not make a ton yearly, we sell a lot of our own items having a family like yours of 5. We go through a lot of things,...so its helpful especially during Covid. Great show, happy things are going well for you all.

[@squirls1025]

I can see the states fighting for it as this little extra income could cause people to be thrown off state benefits for income reasons. Also could this new increase start social security tossing off people stating they have a job, and those on SSI could lose their benefits for income reasons. So yeah, I see states and government pushing for these new rules.

[@stilllearning8360]

I 100% agree! Even though, as Kevin points out, there is often no actual income gain at all or minimal, its about disqualifying someone in these cases. Glad you brought this up!! 💥💥💥

[@OriginalNethead]

As someone with multiple disabilities it's a very real possibility. Reported extra income, even if it can be deducted, might be enough for some states to disenroll you.

[@stilllearning8360]

@@OriginalNethead Absolutely correct 👍

[@vinyl1Earthlink]

@@OriginalNethead - This is not a deduction - the money comes off above the line, so there no impact on AGI or MAGI.

[@bennystratton7734]

yep people that do that its called tax evasion and or cheating on your taxes these are the people that SO against this revised law i mean deal with it either do the work to get your tax burden down or get out of the reselling professions go hide your income under the table somewhere else sorry but that the honest truth! come Jan 2024 they will no longer be able to work under the table selling online those people it will be time to move on they will have to be humble and glad it took decades for the Government to wisen up to how many tax cheats and tax evaders are out there and how many adults cant handle the adult responsibility to self report (if you didn't get a 1099k)

[@sammonicuslux]

I thought it was already in effect. Ebay, poshmark and mercari already had me sign up for the forms.

[@bennystratton7734]

IT is! Kevin got MISINFORMOATION! the law IS ON THE BOOKS Period there is no going back unless the congress does something and since the Republicans house is in DISORDER cant even do anything right without a SPEAKER no bills can be taken up and voted on PERIOD so all you with hope these bills are brought up before the end of the year ITS FALSE HOPE not going to happen then guess what next year we are in an election year SO FORGET that bills be brought up all the politicians are going to be worried about and concentrating on is there re elections NOT bills. The IRS ONLY Postponed the LAW from taking effect in Dec 2022 again POSTPONDED so that is why you didn't get a 1099k in Jan 2023 but it did go into effect in 2023 so if you made $600 or more and 1 transaction this year on any platform or auction house (heritage and goldin) come Jan 2024 Your getting a 1099k Like or not!

[@barbarareed3661]

Currently non- employee compensation over $600 is subject to self employment tax that is social security and medicare tax.

[@LisaSmith-sc5zs]

I always ck EBAY first to support my fellow RESELLERS!!!!

[@LisaSmith-sc5zs]

I just do a spreadsheet...but as I grow...I may do this...thx.

[@Butcherswife22]

Thank you Kevin for always keeping us abreast on the eBay news and making it understandable to us your viewers.

[@Pademelons_whatdotheywant]

Selling my personal property to help with medical bills. If I’m having an “online garage sale” I only need to track sales and what the item cost at MSRP, right? It’s gonna show a loss so not taxes? Ugh, why did they make it so confusing?

[@bennystratton7734]

its not confusing its just sellers are making it out to be more then it is most that are against it are actual tax cheats and tax evaders or just lazy and don't want to do the math you just explained sad but unfortunate truth!

[@Antiqueexcavator]

I just got back from time away mode and I too, had nice sales while away!

[@handh41]

Off subject. As a reseller I am E Bays customer. E Bay buyers are my customers. E Bay gets there money from me I get my money from buyers. I had a good time at the rally. Thanks for putting it on.

[@donaldwright5167]

Does the IRS require receipts for the money you spend on source products, i.e., yard sale buys, estate sale buys, that you resell? Those type of purchases are deductible, correct?

[@littletommy16]

Someone bought a brand new printer. I sent the invoice, noticing their address. They paid. I went to print the label and the address was another state different. I contacted the buyer and contacted Ebay. Ebay not only continuously misunderstood me but I was transferred to a dead line and called back to be retransferred. No result occurred after discussing with them. So I called back according to the time alotted. He ended up telling me I was supposed to contact USPS and the previous reps were wrong. I contacted USPS and never received a response. Just a wash on shipping.

[@joannejennings8698]

They have already done that on Mecari.

[@bennystratton7734]

YEP! its LAW anyone that think other wise will have HUGE awakening come Jan 2024 when they get there 1099k for selling more then $600 ON ANY Platform! reselling landscape is about to CHANGE and for the better!! those that stay will have WAY more sales across all platforms it will be like it was in 2019 and the 2 decades prior

[@deathvalleyfinds7076]

Kevin, I'll be honest with you and your viewers. I buy off of Amazon rather than ebay at least 80% of the time. When I buy online I usually need it or want it quickly. I'm not going to wait for 2-3 day shipping then another 3+ days on USPS to deliver. Unless I'm forced to I won't ever buy from a seller who doesn't have the fast shipping logo displayed on the item description(content creators!). As bad as I don't want to spend my money with Amazon, 2 day delivery, usually includes Sunday for me, is something I just cannot look past.

[@thedailygrind-m70]

Luckily some people would rather support us small sellers trying to support a family rather than the buy from the big corporation and can wait a few days. I buy on AMZ too but not if I can find something for the same price on ebay.

[@cheeseheadflipper]

​​@@thedailygrind-m70I am a small business and seller that mostly sells on Amazon. Most things sold on Amazon are not sold by Amazon

[@williamsampson4926]

Well, Ebay is just in it for money. They long ago gave their support from sellers to buyers. They know how the software works so it's just lip service if they are asking sellers for input lol. If you list a Fuzzy dog by Ty then it should come up as Fuzzy Dog by Ty if you as a buyer select lowest price it should show by price lowest first it's not rocket science but Ebay is playing games with who they show what they show when they show pay to play sort of thing.

[@commonwealthflipper]

I don't completely disagree. However I would say that of course ebay is in it for the money. As are we and every other business around.

[@bennystratton7734]

@@commonwealthflipper what he is saying his THEY only want to help now because they know its the 11th hour they have not revised the law and the IRS cant postpone it again they have to implement the LAW that's the LAW so now eBay realizes HOW MUCH REVENUE there going to LOSE from lost sellers that they cant SQUEEZE money from from promoted listings and are USING THE GUISE that they want the law revised back up like they are wanting to help US sorry THEY ARE ONLY WANTING TO HELP THERE BOTTOM LINE they could care less about there sellers! and could care less about OUR BOTTOM LINE for years and decades LET THEM fend for themselves THERE IS NO reason they have given me to help there billion dollar company only thing this tells me is that THEY ARE SCARED and with all there BILLIONS they cant buy off ENOUGH congressmen and women votes NOR the IRS from implementing the law COME Jan 2024 i say good NOW they will see how it is to be SCREWED OVER.....btw i thought you said your IN reselling because YOU LOVE what you do NOT for the MONEY have you now changed your FEELINGS on Reselling!

[@gailmcclendon7480]

Hey Kevin, I had a lengthy conversation on the phone with ebay yesterday. My issue is being able to pull all of the data from their platform to find all of the fees they actually charge for a entire year It is also so difficult to figure out what additional fees can be added to our deductions. I do not understand the shipping charges, did they provide the correct data? I was also shocked to find international shipping fees. Now all of this is not in one place on their platform. Absolutely not fare with them not being transparent.

[@bbyjimm]

Form 1099 K has been active since Jan 2022 .

[@BeachBarnThrifts]

Thanks for more good info, Kevin. This is first year that my mom and I have ramped up selling. It not alot compared to many, but nonetheless it's more than the norm. So. With rhat said. I am definitely a bit nervous about tax time. I'm guessing it's much like when I sold Tupperware. Keeping track of purchases, solds, etc...

[@MelissaLamancusa]

I am confused, what changed about the threshold? I thought there was a change that began in Jan 2022... am I missing something?

[@stilllearning8360]

Me too, thought it already started!?

[@btownballin617]

The IRS put a pause on it last year after it was implemented. It's supposed to go into effect for this year now.

[@stilllearning8360]

@@btownballin617 Thanks. Do you know if “this year” means we will get one covering 2023? Just trying to clarify I’m very inexperienced 😳

[@bennystratton7734]

@@stilllearning8360 okay if you have not read my other posts i will clear up the CONFUSION Kevin has spread! (he got misinformation) the Revised law was signed into law in Jan 2021 its now law no going back it was suppose to go into effect Jan 2023 so if you made $600 or more in 2022 you were suppose to get a 1099k there was push back and the IRS decided to “to help smooth the transition and ensure clarity for taxpayers, tax professionals and industry.” So it was ONLY suspended to give tax payers time to educate themselves they got there YEAR BYE now they have to suck it up and accept the fact there getting a 1099k in Jan 2024 the fact is the IRS cant not implement law or they are breaking the law they postponed it for a year for the reason above they cant keep postponing it year in year out by LAW they have to implement it no matter if people like it or not. SO PREPARE for a 1099k this Tax season (jan 2024)

[@ivangies6314]

Great video, Kevin, although I haven’t hit the big time in reseller world. I still try to run my reselling business as legit as possible last year we only sold less than $10,000 but was able to take some deductions along with our other taxes so it’s beneficial to us to run it as a legit business. Thanks for the video.! As for Man Eyes we need clarification!!👀😎lol

[@80sfan4life]

My first GF ever in 1989 had a Christian Mom and. Jewish dad, they had a Christmas tree and a Menorah in the window. It was awesome . So yes give an eBay gift card for Hanukkah!

[@susangulbrandson2088]

Thanks for information

[@joannejennings8698]

I am not even a true reseller and I got an email from Ebay asking for support in this. Never sold a thing on Ebay. I do sell a few things on Mercari from time to time but not even close to $600 a year.

[@bennystratton7734]

because they KNOW how many are going to leave because of this which means if they leave there revenue leaves they don't care about the seller all they care about is the BOTTOM LINE don't be taken as a pawn! an article was written and a poll was taken 67% of the sellers polled said they would quit because of this tax law I know Many quit when it was passed in 2021 i see the same thing happening in 2024 especially those that are under the impression that because it was POSTPONDED some how that word meant it was Canceled or removed from law NOPE furthest from the truth!

[@ScottWilliamsphotos]

LOVE the White Lion shirt!!!

[@Showmeflipper]

One thing that gets me I think it’s kind of funny and I don’t quite understand is why when you have a canceled item that item remains in your sold list? I mean I understand that the money all gets put back we’re supposed to be but if you delete those out of your sold list, it takes off that transaction total from your 90 day total,

[@Showmeflipper]

And the reason why I delete them is because it keeps telling me I need to leave Feedback, but it won’t allow you to leave feedback for a canceled order

[@Showmeflipper]

And out of curiosity for those of you that you leave the feedback for sales, do you do it on all transactions or not? I always say something to the effect of I hope you enjoy your item fast payment A++++ eBay buyer.

[@brianmurphy4960]

A large part of the reason I wouldn't gift a ebay card to someone is because their support of buyers is about as awful as their support of sellers. I've had multiple customers struggling to get ebay to issue their refunds this year. I have to explain that once I issue the refund the rest of the process is out of my hands. Ebay has to do the rest but would seem to rather hold on to their money instead. It's no wonder chargebacks are so common with ebay.

[@matthewtrapp7756]

There isn't an added cost to eBay because they have already implemented it for over a year. I don't see a problem with the new limit no matter if you get a 1099 or not you are supposed to report ALL income. Even if you sell your own stuff you still have to prove you are not making a profit. Lots of things people sell especially now with inflation are worth more than they bought it for. As for kids selling it's a good lesson to learn bookkeeping for the future business. I just see it being used by the government to target individuals for audits

[@theeoneandonly8701]

You don’t see a problem because you’re pro government, politicians and their media.

[@bennystratton7734]

amen!! the only people that see a problem with it are the ones that have been cheating and evading paying taxes for years and now they are not going to be able to anymore all i have to say to them OH WELL deal with.. it grow up!

[@bennystratton7734]

@@theeoneandonly8701 OH SHUT UP! you don't like having to PAY income tax on what you EARN you want to be a tax cheat and tax evader STOP RESELLING ON LINE NOW YOU CAN NO LONGER USE ONLINE SELLING as a UNDER THE TABLE JOB!!! go sell at a flea market or have weekly yard sales! ITS PEOPLE like that i HOPE this revised LAW purges FROM THE RESELLING WORLD its people like you and your mindset THIS PROFESSION DOES NOT NEED!

[@donaldwright5167]

I already thought it was at 600.00. Was the drop to 600.00 suspended? If so, what is the current earnings level that will result in a 1099?

[@commonwealthflipper]

It is scheduled to be 600 this year but it was last year to and it was suspended.

[@charityfaulkner3]

When you get items from rummage sales you aren't getting receipts. The IRS either believe the information you provide or they don't.

[@bennystratton7734]

Yep Amen! they can now look at your entire EBAY account and if things don't seem KORSHER that's ON YOU!

[@lostworldvideogames]

Just ordered my new sticker. 🎉

[@greghawkins229]

The IRS does not care. Burden is on us to prove we didn’t make a profit.

[@Nakamaohana01]

Amazon buyers do so because of the easiness of returns and free shipping options.

[@heidebenedict894]

Any ornaments this year?

[@all_kaps]

Haha - I had that same White Lion T-shirt back in the last 80s when I was in 7th grade.

[@ronaldschmidt4748]

Harley Davidson Hat, Hester Bears Jersey, Ralph Lauren Polo Tie, Petra Pink and Grey T-shirt, Rocking Roll Elmo, Ice Cream Maker, American Eagle Hat, Z28 Keychain, Memphis and Washington Starbucks Mugs, Mary Kay Nail Enamel, 8-Track Case, Sally Christmas Ornament, NWO Bandana, Harry Potter Plush, Yellow Cat Plush, Cutco Bread Knife, Five Night's at Freddy's Puppet Plush, I am Dad T-shirt, Merchandise, Tommy Bahama Silk Shirt, Thanks Kevin Take Care Out

[@janetsacher8557]

I do my best to buy whatever I can on eBay - but sometimes I can find it cheaper elsewhere. I think it is important to leave feedback with the sellers as well.

[@whodidit99]

I'm a former CPA. To all those who are afraid of getting a 1099 for $600, you probably don't need to do anything more than include a note with your tax return saying that you sold a personal item for less than you paid for but don't have the receipt. The IRS is likely to ignore the $600,

[@HeyJudeThrifting]

Thank you. I am a reseller, but always sell personal items if there is any value. However all these items I’ve owned for a few years and never save personal receipts beyond a month or two.

[@Nakamaohana01]

Yeah, I could see that for $600. What about a seller with $2,000 worth of used clothing and items sold on eBay?

[@graciegladson4960]

My account pay outs are on hold as of today because they want me to upload a copy of my bank statement that my pay outs are going to. I have already provided ssn and everything else but blood type

[@WellnessWizdom]

​@@Nakamaohana01 You could probably get away with it once but if you try it every year, obviously that's going to raise a red flag.

[@aliciamanning4009]

I don’t do skew system either!

[@scotttaylor6187]

I think 600 is a thing already I'm a new seller and sold something that was worth over the 600 and I got a notification from ebay that they would be providing a 1099 since it was over 600

[@bennystratton7734]

yep! it was only postponed in dec 2023 postponed NOT CANCLED or removed the LAW is on the books the IRS has to implement it they cant keep postponing it they only reason they postponed ti was to give tax payers the Year to get accustomed to the change so that's why in 2023 you didn't get a 1099k if you made less then $20,000 and had less then 200 transactions but it did kick in for 2023 for 2023 if you made More then $600 and had 1 transactions on any platform or auction house (goldin and heritage) in Jan 2024 YOU are getting a 1099k No matter if you like it or Not

[@bettymunguia2136]

When I was selling at the flea market and couldn't understand if I had used items which taxes have been paid when you buy it new, so taxes are being paid twice. 😊😊

[@MARKEJ67]

It's the same as banks and stocks.. You make money and pay taxes on it.. You make interest on the money or dividends and get taxed again.

[@bennystratton7734]

not sure what your saying but SALES tax and INCOME tax (earned IMCOME TAX) are 2 totally DIFFERENT things totally complete different things! think you need to google the difference between the 2

[@loutewl6903]

I hope you weren't paying taxes selling or buying at a flea market. Kinda defeats the purpose.

[@bennystratton7734]

@@MARKEJ67 umm yeah it's called paying income tax those things you mentioned are considered earned income God how many tax cheats and tax evaders are there

[@bennystratton7734]

@@loutewl6903 so regarding paying taxes when selling at a flea market your meaning tax evasion great advise

[@esmelovesvintage]

I’m small potatoes so I keep an excel spreadsheet of my expenses and profit, but in 2025 I plan to go full time so I’ll need to up my accounting game and find out the headaches then 😂

[@SohoPosh]

Why is Ebay bringing this up now in the Q4? It's almost like they are pretending to care, putting some old article out to let people think they are attempting to help. I also think a ton of people are going to be shocked when they get that 1099K ....

[@commonwealthflipper]

Assuming the get it. I would be so sure.

[@bennystratton7734]

@@commonwealthflipper I wouldn't be so Confident Kevin about it getting reversed THEY DONT have enough VOTES in the senate and the HOUSE has NO SPEAKER so no bills will be voted on until they get a new speaker (you a history teacher should now this) and the DISFUNCTIONAL family the republicans are i do not see them picking a new speaker anytime soon! they could care less about this bill Kevin come back to reality! and since this is not going to be brought to the house floor for a vote before 2024 THE LAW was voted on in the house and senate based both in 2021 and was signed by the president ITS LAW IRS cant decided NOT to implement the law they ONLY postponed it to allegedly give time for cry babies and whiners time to adjust and get clarity on the revised law they had there BYE year now they pick up there big girl/boy pants and ACCEPT the fact NOW the MAJORITY of sellers are getting a 1099k like it or not!

[@bennystratton7734]

Your 1000% correct! EBAY can care less about US SELLERS the ONLY thing they care about is the HUGE amount of sellers they are about to loose when the majority of there resellers get there 1099k and your right there going to be VERY shocked because they have the same thinking as Kevin and are LISTING to KEVINS misinformation that its not a done deal when infact that's FURTHEST from the truth ITS LAW the house and senate BOTH voted it into law and the president signed it (hey if they didn't like the law they could have revised in in 2021 EBAY new this was happening in 2021!) the truth is ebay knew the following "The 1099-K tax law change has ticked off online sellers - to the point that 69% of people surveyed who sold goods online in 2021 said the new rule would deter them from doing so, according to the coalition's 2022 survey of online sellers." the ONLY thing they care about now is because of there NEW model to MILK there sellers using Promoted listings if they lose 69% of sellers because of this law ore even 50% this could be A HUGE blow to ebay so NOW because there SET to LOSE revenue they want to act like they care and also a slap in the face they WANT US TO HELP them FOR FREE! come on just like AMAZON is getting sued by the FTC and 17 state AG's for illegal WRONG doing within the BUSINESS Practices i say eBay made there own bed let them deal with it on there own! yeah its funny AMAZON sent out emails in 2021 wanting there SELLERS to help them fit the Congress on a bill that would have split them up majority of the seller Gave AMAZON the middle finger!

[@phantomclipper]

What a great way to start the morning. Thanks for the early upload.

[@carmensusi837]

Thank you for all your eBay info. This is my 1 st year so I’m not even sure how the Tax works yet. Any info you have for me I don’t know what I’m supposed to keep for evidence on product buying 🤷‍♀️

[@ThatandThisforYoujenn]

eBay gift card for hanika... Love your show!💕

[@kennethyoung9032]

Using My Reseller Genie with Courtney Dobek help , the 600 threshold may look good on paper to the IRS but I think in the long run they be spending a dollar to chase a nickel

[@bennystratton7734]

so lets DEBUNK YOUR Opinion the 1099k Tax is Self Employment tax "Self-employment tax is a tax consisting of Social Security and Medicare taxes primarily for individuals who work for themselves." which is a flat 15.3% so for example lets say every eBay seller made $600 net we all met the threshold supposedly using eBay's Numbers (i do not trust them) there are 18 million sellers so 15.3% of $600 is $91.80 now times that by 18 million that number is now 1.65 billion!! so you think 1.65 billion spending a dollar to chase a nickel ON JUST EBAY sellers remember this law covers ALL platforms it also covers AUCTION HOUSES like heritage and Goldin SO just stop with the NONSENES about spending a dollar to chase a nickel sorry i don't call a possible $1.65 billion chump change!

[@gg_yvonne4442]

Good morning Kevin 😊😊

[@SittingKittyColorado]

The thing with taxation, it ultimately lands on the individual consumer. All costs of taxes are passed on to the end buyer. Rough guesstimates as of 2014 were 50% of all income (when you consider everything an individual buys) was 50% on their income. You have to consider property taxes, sales taxes, employment taxes for employees at stores you buy from, equipment taxes for everything from manufacturer of that item to office equipment. The list keeps going on so if you make 100K a year, you're actually only making 50K when it comes right down to it. Yes, there are those that have investments and blah, blah, blah that help off set the tax liability but in the end, the lower and middle income people are saddled with a higher percentage of tax simply because of how taxation goes through the whole system. I wont even get into inflation, another tax, but what cost you $1 in 1923 costs you $17.95 today. People say that's a value increase but it isn't. It's a huge decrease. Value is in desire. There is no "value" to a potato other than we need food to survive so if you bought a potato in 1923 you get a sliver of it today. And then there is the costs of collection and the fact that the state forces business to comply which in an of itself makes a business a defacto arm of the state...that's a whole other topic. My point with this is, the compelling of individuals or businesses to comply or face closure, fines, and possibly jail is not how a free market works. People are dulled and comply because they've been taught it's the only means by which society can run but that's simply not the case. Sorry, I got on my soapbox but we really need to have this conversation among all people regardless of your political or ideological or business stance. The fact that people just turn away or argue without seeing the facts is a sad state of affairs for all people.

[@stilllearning8360]

Yep!! And its all frustrating!!

[@casslea2700]

I thought it was already at 600, what is the number at now?

[@bettymunguia2136]

Good morning Kevin ❤❤😊😊😊

[@Chooman69]

20 thousand was a fine baseline. Just go back to the original threshold. Thank you.

[@travissutton887]

Every year does ebay give a discount code for supplies?

[@vintagehuntressus]

My opinion but Ebay seems to be using resellers to help their agenda . I agree the IRS needs to back off the 600 but I feel Ebay could have helped resellers out along time ago and they didn't. Like you said , Ebay watches out for Ebay and we all watch out for ourselves .

[@bennystratton7734]

AMEN! 100% agree!

[@willworkforyarn4893]

Love the "give an ebay gift card for Hannukah"!

[@dolfinwriter5389]

I've always hated gift cards of any stripe because I think it's just lazy shopping, unless you're introducing someone to something new. But how does advocating that we send ebay gift cards make you a sellout for ebay? Maybe somebody you give a card to will buy something of mine, and maybe somebody I give a card to will buy something of yours. How does that not help all of us sellers?

[@johnathin0061892]

Better to give people cash than gift cards. We are in a depression and there are so many people who can't afford basic necessities, and they might really need cash to buy groceries or gas or other necessities. (Most people probably shouldn't even be exchanging gifts because times are so bad, but if they are going to do it, cash would be a best option.)

[@trobarge]

Every time I need something to complete an item I am selling I goto ebay.

[@HandmadeDawling]

I log in my sales and fees into my spreadsheet manually every month. I’ve just recently hit 75 packages a month. It was 20 on average every month until just 3 months ago. I love it!! 🌻

[@amazonseller9995]

How can anyone get mad at eBay? First of all their a corporation, not a person. Second, it’s their platform. It’s far from perfect but they can do whatever they want. If we don’t like it, we can sell somewhere else. Seems pretty simple to me.

[@RetroReseller588]

Wow ticketmaster has to report as well? What this is going to blow people's mind. I mean I'm kinda laughing because we couldn't afford to take my daughter to the concert because of the upscale but I am shocked. I talk to people all the time who sell on fb marketplace a personal item and they had no idea they are getting a 1099 and then will pay additional self employment tax. People will be shook

[@adammonahan687]

No if they are just selling personal items for no actual profit they will not have to pay self employment taxes. Yes they will get a 1099 if over the threshold of what 600? But you only pay taxes on profit

[@MARKEJ67]

People vote who do not follow politics. Then they are shocked when the politicians do what they said they'd do! My step-daughter is a 33 year old teacher. She didn't know anything about the Hunter Biden laptop. She votes democrat.

[@bennystratton7734]

@@adammonahan687 correct but most are lazy and FEEL ITS EXTRA WORK and FEEL ITS A BURDEN and will just ignore it and QUIT selling which is "Cutting off one's nose to spite one's face"

[@bennystratton7734]

@@MARKEJ67 JUST SHUT up and stop spewing the MISINFORMATION Facts! and guess what BIDEN did this NOT TRUMP! "American Rescue Plan Led to Surge in State Revenue Growth - Powering Economic Resilience: Before ARP, state revenues were expected to grow just 3.7% in 2021, after falling in 2020. After ARP, state revenues grew by 16.6% in 2021 (record high growth) - and over 14% growth in 2022." so take your far right republican FEAR MONGERING PROPAGANDA AGENDA shove it! WE CAN ALL SEE THROUGH IT!

[@tanistramontin4261]

What is the link. I will sign it

[@One-Eyed-Willys-Rich-Stuff]

CWP and Commonwealth Picker have the same number of syllables

[@hustysemporium6359]

No ones wearing a tie where we're heading :)

[@denisecoffey6269]

I give my friend and eBay card for her birthday ever year

[@sandrac6892]

Great information. Give an eBay gift card for Hanukkah or Christmas is a great idea!

[@fredmoase6199]

cool eBay gift card for Hanukah

[@ELDORADO-of9jn]

I thought you were going to have a link to buy a ebay gift card lol

[@commonwealthflipper]

Lol. Nope

[@johnathin0061892]

The $600 threshold is more far serious than just the fact some people might have to pay income tax on their sales. The ridiculous $600 threshold exposes millions of people who are just selling their own personal items (at a loss) to the risk of audits, harassment and abuse from the IRS.

[@commonwealthflipper]

Yes.

[@rickroe1074]

I believe that’s the intended purpose.

[@bennystratton7734]

Allegedly Selling Personal items! the majority use that card or the I'm doing this as a hobby as an excuse to evade or cheat paying taxes facts end of story been reselling full time for 25 years on multiple platforms I have seen IT all I KNOW the majority are tax cheats and tax evaders they are the ONES that are against this law! and if you don't believe that your just gullible either pay your taxes you owe, get it down with legal deductions or STOP selling if you FEEL This is extra Work sorry Selling online ENTAILS work not all fun and games! most have treated Reselling online as working under the table NOW in 2024 that FINALLY comes to an end and the PLAYING field will be even no matter if your doing this to make profit or not!

[@msmacresale]

I set up my own spread sheetsfor everything. My husband says I'm a little OCD about it, but my accountant loves it! 😊 #GiveanEbayGiftCardForHanukkah

[@brianklaus2468]

no Festivus for the rest of us?

[@elainewagner6374]

Good idea on the ebay gift card

[@ljwhitmire200]

Dude I could have gotten $35 for that Ralph Lauren tie! :P

[@barbiehall695]

I really like this episode. We are resellers. I just want to clear my house out , but for personal reasons I have been afraid to sell due to the tax thing. I totally agree with all the points you made. It's funny that you brought up things I have thought about , but have just had them laying in the back of my mind. I may have to make notes. My fiance and I love your videos. I will share this one for sure. And make sure he sees it. I am really happy that you and other resellers are working with eBay to make things better and we'll do our part as well. Thanks again for all you and your family do. Best wishes, Barbie 😊

[@vinyl1Earthlink]

The IRS has already told you what to do if you sell personal items at a loss and get a 1099. You can report the revenue on line 8Z of schedule 1, and then back the money out on line 24Z, resulting in $0 taxable income. Or, you can report the revenue on Form 8949, show the loss on each item, and then back it out as non-deductible personal loss.

[@bennystratton7734]

@@vinyl1Earthlink AMEN! these people that allegedly are only selling personal items ARE SO DARN LAZY! the IRS postponed the law from going into effect for a year SO YOU PEOPLE allegedly that sell personal items can get accustomed to the new revised tax law so what have you people been doing the last year sitting on your you know what!

[@bennystratton7734]

@@vinyl1Earthlink you can say the actually thing to do till you are blue in the head tax cheats and tax evaders are never going to want hear what you just said but the MINORITY do the right thing and godly thing will BE GREATFULY for that advice you just explained! after 25 years of full time reselling online on multiple platforms and like Technsports stated recently on a video 99.9% of resellers are lazy

[@bamabassgrabber]

#GiveAnEbayGiftCardForHanukkah I love watching your videos! As a new Ebay seller you help A LOT! THANKS!

[@boogdoc8909]

It was my understanding that the drop to $600 was a sure thing. I'm a little more optimistic now, as I completely agree with you that the cost to the government related to handling all those sorts of claims is not worthwhile. Except the government wanting to save money on something doesn't come up often... This is helpful where it is useful in keeping a completely separate account to assist in accounting purposes. Ebay has useful data as well to help calculate costs. #giveagiftcardforHannukka

[@bennystratton7734]

Kevin is MISINFORMED it is a SURE thing the law was PASSED the IRS only postponed it for a year (this happen in Dec 2022 when the tax cheats and tax evaders were whinning and crying about the revised law) it was ONLY postponed to give these IDIOTS time to adjust and get accustom to the revised law its a done deal unless congress can revise it again before Jan and looking at the house right now they HAVE NO Speaker and Cant pass any laws (to go to the senate) untill a New Speaker is Chosen I do not see this happening at all this year Maybe next year but since its a election year Most congressmen/women and senators will be concentrated on re election then revising a tax bill! you all think they are going to revise it back when the government is set to make billions more by stopping sellers evade or cheat taxes No amount of lame excuses to revise it back will work period so just prepare and get ready for your 1099k! btw if you have not paid your taxes (even if you didnt get a 1099k you still had to self report and pay taxes if you owed them) now the IRS can request Your Earned imcome from previous years from these platforms and they can request Past due or back owed taxes Sellers need to be prepared for that if they were under the MISCONCEPTION that if they didn't get a 1099k they didn't have to pay taxes THAT IS FURTHEST from the truth and in 2024 the Majority of sellers are gong to find that out!

[@nicoleschlueter7924]

I love the idea of “give away a eBay gift card”!!!

[@UniqueJunqueBoutique]

I agree with your wife, "man eyes" is real "man ears" too.

[@twoglassysisters3787]

Love an eBay gift card for Chanukah.

[@lindaollio4609]

I would love #GiveAnEbayGiftCardForChanukah or #GiveAnEbayGiftCardForHanukkah. Which spelling are you using?

[@ElmerSchaeffer]

😅I enjoy trash to cash and can't wait for next podcast

[@cindywharton4672]

Great video as always. Love watching your videos. Sorry about the other night at the whatnot sale bidding to much on a item, but I did say going ahead and run it. Just wanted to say thanks. #GiveanEbayGiftCardforHanukkah !

[@commonwealthflipper]

No worries.

[@riverfront-collectible4794]

#give a ebay gift card for Hanukkah! Glad to meet you at the reseller rally. You were the only youtuber that came up to us. My son was the one that had autism, that we told you about.

[@melissabarker2128]

Give and eBay gift card for Hanukkah. Love your show!

[@christaylor5085]

#GiveAnEbayGiftCardForHanukkah Another great and thoughtful video, Kevin. I always appreciate your thoughts and opinions on reselling business matters as well as product content. Always watch flipper & picker vids.

[@Rocky-N-Angel]

Giving away eBay gift card for Hanukkah. Great idea there.

[@JBain-oc3uy]

#giveaneBaygiftcardforHanukkah Thanks for more great info. I keep a spreadsheet of my sales and a monthly summary of all costs associated with those sales - cost of goods purchased, mileage, printing supplies, mailers and tape. Including the cost of laundry detergent to wash the clothing I resell.

[@bennystratton7734]

Exactly! MANY are making a MOUNTAIN out of a mole hill! Most will be able to deduct there EBAY Fees or Amazon fees or any other platforms you sell on and will be able to deduct Half off your Tax burden this Revised Tax law will OPEN up sellers eys and SHOW THEM they are REALLY not making what they THINK they are making when it comes down to it!

[@blazer4.077]

Kevin eBay all ready dropped the minimum to $600 to pay taxes been selling for 2 years and found that out last year when I filed

[@junebrezgis1652]

I buy all my stuff on Ebay and I sell on Amazon Ebay should let sellers give you tubers a promo fee for selling their items on ebay.

[@gcisneros6555]

I don't think it will go into effect. With IRS cost cutting and all the much bigger fish they're chasing, I don't see them going after people selling so little. I could be wrong though. Thank your for the content.

[@shawnriddle8830]

They hired an extra 80,000 irs agents!! Trust me they are going to audit everyone. Some one has to pay for this failing administrations foolish ideas!

[@bennystratton7734]

@@shawnriddle8830 JUST stop with the RIGHT WING FEAR MONGERING PROPAGANDA! god your so brainwashed! yep EVERYONE including The top 1% there going to pay there fair share! as for eBay the tax cheats and tax evaders ALL OF THEM big and small will be caught and they will either do the right and godly thing and PAY taxes on there EARNED IMCOME or jump ship and stop selling!! been reselling full time for 25 years on multiple platforms! the LAW IS SIGNED its a LAW there is no going back Jan 2024 sellers are getting a 1099k like it or not so pull up your big girl/boy pants STOP COMPLAINING woo is me! pay the tax you owe, do work and get the tax burden down with legal deductions or JUMP ship you have options pick one! btw i know this will set you of but the 87,000 agents is to substitute the RETIIRING irs agents NOT ADDING Additional agents! but hey your brainwashed to FEAR and believe that THATS ON YOU feel sorry for you that you live in such fear!

[@kellyredinger5974]

**Give an ebay gift card for Hanukkah. Thanks for the suggestion, Jake.

[@mikeronniward1261]

I currently sell less than $10k gross a year but still keep track of everything and give it to my CPA. I’m so tired of the IRS and government trying to take away almost everything I make! Thank goodness for Reseller Genie so I don’t have to pay out as much, it’s been a life saver!!! Thanks Kevin for all you do -Ronni Treasures & Wishes #giveanebaygiftcardforhaunkkah

[@bennystratton7734]

if you make $10,000 gross self employment tax (1099k) is only 15.3% you pay ebay at least that much or more so what's the difference you can pay ebay but not the government and the tax your paying is FICA and Social security which you need to stop looking at it as s ME ME ME and look at it as the tax you pay in FICA and Social security you paying towards what our current seniors are getting right now when they get there monthly checks WE the current work force are Helping fund Our seniors! why is that a bad thing! btw without deductions your tax burden for self employment tax would be $1530 sorry if you cant afford taking $1530 from your $10,000 gross there are some major issues in your business!

[@annab1668]

Give an eBay gift card is nice idea

[@cooolchick647]

#GiveanEbayGiftCardForHanukkah Definitely looking to benefit lol. I never win and excited to have the chance! Recently started reselling again months ago and doing pretty good actually and you guys have helped me learn a lot of things that have helped me out so much! Would love to see you on the trail but don't think you'll be coming to Connecticut lol. Thank you!