suwanneetrader Posted February 5, 2011 Share #1 Posted February 5, 2011 I did not know where to post this but as many members of USMF sell on E-Bay it is relevant. I hope Moderators think so and leave this up or move to a better section in the forum. In this months Military Trader under #9 of his 2011 predictions, Mr. Adams-Graf says in 2011 E-Bay will begin reporting sales to the US Government. Does anyone know if this means all sales or just over a set amount? If someone has sold for 10 years will E-Bay send the total for that seller for all 10 years (they send a complete dollar history to sellers yearly trying to sell them their accounting services) or will they just report the current calendar year? His #10 predication is a new web site will emerge for collectors to buy and sell. Many of you know about current events impacting our hobby so I thought someone would have more info regarding this. Alot of us old timers start selling items before we kick off or get senile, and we do not have records on items purchased 30 - 50 years ago. Therefore how can you make a Business Return or would they be Long Term Capital Gains? Just something else E-Bay has ruined for Militaria Collectors. Once again I hope I'm not out of line asking these questions. :think: Richard Link to comment Share on other sites More sharing options...
salfred Posted February 5, 2011 Share #2 Posted February 5, 2011 I did not know where to post this but as many members of USMF sell on E-Bay it is relevant. I hope Moderators think so and leave this up or move to a better section in the forum. In this months Military Trader under #9 of his 2011 predictions, Mr. Adams-Graf says in 2011 E-Bay will begin reporting sales to the US Government. Does anyone know if this means all sales or just over a set amount? If someone has sold for 10 years will E-Bay send the total for that seller for all 10 years (they send a complete dollar history to sellers yearly trying to sell them their accounting services) or will they just report the current calendar year? His #10 predication is a new web site will emerge for collectors to buy and sell. Many of you know about current events impacting our hobby so I thought someone would have more info regarding this. Alot of us old timers start selling items before we kick off or get senile, and we do not have records on items purchased 30 - 50 years ago. Therefore how can you make a Business Return or would they be Long Term Capital Gains? Just something else E-Bay has ruined for Militaria Collectors. Once again I hope I'm not out of line asking these questions. :think: Richard Hi Richard, I don't know if this is new to the U.S. but ebay Australia have been sending information to the Australian Tax Office almost the day it began here. I am not sure of U.S. tax laws but here in Australia any selling outlet or auction house is required to report to the Tax Office about vendors who consign items for sale, I believe it is over a certain amount. Link to comment Share on other sites More sharing options...
dkolpek Posted February 5, 2011 Share #3 Posted February 5, 2011 As i understand Ebay always has had a policy for turning over records to IRS if they are requested by them. Link to comment Share on other sites More sharing options...
suwanneetrader Posted February 5, 2011 Author Share #4 Posted February 5, 2011 As i understand Ebay always has had a policy for turning over records to IRS if they are requested by them. I know that companies have no choice when the IRS requests info on a named individual or corp., but as I read it looks like E-Bay has volunteered to turn over all of it's sellers, to me this does not seem plausable as they have millions of sellers. That is why I wondered if it would only be those over a certain amount???? Link to comment Share on other sites More sharing options...
vzemke Posted February 5, 2011 Share #5 Posted February 5, 2011 eBay isn't volunteering anything. The Federal government is trying to tighten up on collecting taxes on payments received electronically. Thus, paypal (owned by eBay) is will begin (in 2012 for the tax year 2011) reporting to the IRS anyone who receives more than $20k in payments and more than 200 payments a year. According to their FAQ page you would need to meet both requirements. It also doesn't only apply to eBay payments, it's any pay pal payments received for goods or services. Pay pal has lots of info on this on their site. I hope this helps, Vance Ps-this topic should probably get moved out of the for sale section Link to comment Share on other sites More sharing options...
suwanneetrader Posted February 5, 2011 Author Share #6 Posted February 5, 2011 eBay isn't volunteering anything. The Federal government is trying to tighten up on collecting taxes on payments received electronically. Thus, paypal (owned by eBay) is will begin (in 2012 for the tax year 2011) reporting to the IRS anyone who receives more than $20k in payments and more than 200 payments a year. According to their FAQ page you would need to meet both requirements. It also doesn't only apply to eBay payments, it's any pay pal payments received for goods or services. Pay pal has lots of info on this on their site. I hope this helps, Vance Ps-this topic should probably get moved out of the for sale section Thank-you Vance: This is the info I needed, I haven't gotten $20M thru Pay Pal ever, Not even close. Richard Link to comment Share on other sites More sharing options...
1SG_1st_Cav Posted February 5, 2011 Share #7 Posted February 5, 2011 Thank-you Vance: This is the info I needed, I haven't gotten $20M thru Pay Pal ever, Not even close. Richard FYI: In case you don't know it, eBay owns Paypal. They [eBay] made over 1 Billion dollars profit from Paypal last year. Danny Link to comment Share on other sites More sharing options...
cmjordan77 Posted February 5, 2011 Share #8 Posted February 5, 2011 1 way to end that, use another form of payment and forget paypal! More and more folks I see now will not take paypal. I figured this would happen, too much money was moving without tax. The Gub'ment wants to line their empty pockets. Link to comment Share on other sites More sharing options...
USARV72 Posted February 5, 2011 Share #9 Posted February 5, 2011 Thought one has to use paypal if buying or selling on ebay? Link to comment Share on other sites More sharing options...
Kadet Posted February 5, 2011 Share #10 Posted February 5, 2011 eBay isn't volunteering anything. The Federal government is trying to tighten up on collecting taxes on payments received electronically. Thus, paypal (owned by eBay) is will begin (in 2012 for the tax year 2011) reporting to the IRS anyone who receives more than $20k in payments and more than 200 payments a year. According to their FAQ page you would need to meet both requirements. It also doesn't only apply to eBay payments, it's any pay pal payments received for goods or services. Pay pal has lots of info on this on their site. I hope this helps, Vance Ps-this topic should probably get moved out of the for sale section This is my understanding as well. The IRS is essentially targeting people that have a business thru Ebay/Paypal, but aren't filing income taxes for it. I don't see this new policy having much impact on most collectors, unless they liquidate an entire collection or something. We primarily fall under the capital gains taxes anyway, and there is really no way for the IRS to calculate this....collectors just have to be honest about it, or risk getting dinged in a random audit. Link to comment Share on other sites More sharing options...
vzemke Posted February 5, 2011 Share #11 Posted February 5, 2011 1 way to end that, use another form of payment and forget paypal! More and more folks I see now will not take paypal. I figured this would happen, too much money was moving without tax. The Gub'ment wants to line their empty pockets. The law applies to any form of electronic payment, it doesn't single out pay pal specifically. Besides, if you have $20k in payments you are probably running a decent sized operation, while you still may not be making anywhere near that in profit. The $20k doesn't take fees, shipping cost, etc into account; that is on the vendor to track, record and document. It's quite possible to receive that amount of payments but actually only make a profit of a couple grand. It all depends on what your margins are. Vance Link to comment Share on other sites More sharing options...
teufelhunde.ret Posted February 5, 2011 Share #12 Posted February 5, 2011 Thought one has to use paypal if buying or selling on ebay? NO - many sellers prefer other forms of payment, just ask them... Link to comment Share on other sites More sharing options...
USARV72 Posted February 5, 2011 Share #13 Posted February 5, 2011 Think my account is inactive as I did not send /confirm my credit card info. Never set up a paypal account either. Liked it in the old days where USPS money orders were the SOP for payment. Link to comment Share on other sites More sharing options...
Brig Posted February 5, 2011 Share #14 Posted February 5, 2011 they announced this a year or two ago, and originally stated it would be anything over $600...and evidentally wasn't worth the hassle However, I'd imagine they'd have to send you an end-of-year statement much as the bank to file with taxes? Link to comment Share on other sites More sharing options...
normaninvasion Posted February 5, 2011 Share #15 Posted February 5, 2011 In the "cross your t's and dot your i's" world, everyone is supposed to keep all finacial records for atleast 7 yrs and account for all finacial transactions within the fileng year. There used to be an "umbrella" clause that your yearly purchases would be taxed under, I believe they maybe doing away with this. If one choose's not to account for their sales transactions you could run into problems if you get into an audit. This is nothing new. Is the IRS going to target you for a couple $1000 a year in sales on ebay? Probably not. If you have unreported income in your job, shady child support/alimony dealings, credit and finacial problems, these will get your foot in door for an audit and then small dealings on ebay and such will be counted against you. Best advice: Talk to an accountant, the gov. will be looking hard for money this year, jeff Link to comment Share on other sites More sharing options...
IMPERIAL QUEST Posted February 5, 2011 Share #16 Posted February 5, 2011 Typical, tax the hell out of anything and everything so the proceeds can be wasted on a bunch of nonsense. What is next, garage sale tax statements and gift taxes for birthday presents?? And we wonder why we are in such bad shape economically... Link to comment Share on other sites More sharing options...
Brig Posted February 5, 2011 Share #17 Posted February 5, 2011 they kind of do tax your birthday cash if you put it in the bank...they tax the interest at least I'm all about taxes that make sense...it's what makes the country run...but it's the stupid ones that I hate. And some of what they're used for I have big problems, for instance, with the unemployment usage. While I understand in the economy, many people can't find jobs, I think there are plenty of others who are lazy and milk the system, esp. now that you can collect it up to 99 weeks. I think there should be random drug screenings. Why should my hard earned tax dollars pay for some oxygen thief's smack habit? Link to comment Share on other sites More sharing options...
TLHSS Posted February 5, 2011 Share #18 Posted February 5, 2011 FYI: In case you don't know it, eBay owns Paypal. They [eBay] made over 1 Billion dollars profit from Paypal last year.Danny I have no problems with this. Sounds like Ebay made a smart purchase, and the guy that took the initial risk to develop the PayPal concept was smart as well. Wish it was me Link to comment Share on other sites More sharing options...
ron_brock Posted February 6, 2011 Share #19 Posted February 6, 2011 Typical, tax the hell out of anything and everything so the proceeds can be wasted on a bunch of nonsense. What is next, garage sale tax statements and gift taxes for birthday presents?? And we wonder why we are in such bad shape economically... We received $20 gift card to Kroger at Thanksgiving time from our office to buy turkeys....they had to be taxed... Fortunately our company added additional amount to the cards so that we could get $20.00 free and clear!!! Thanks Uncle. - Ron Link to comment Share on other sites More sharing options...
Jason G Posted February 6, 2011 Share #20 Posted February 6, 2011 Don't get me started on ridiculous taxes and the foolish thought processes behind them. That having been said, if 'we' look at some examples in Europe, as far as taxes go, once 'the people' hit a certain point, they go out of their way to avoid paying said taxes, by any means possible. My prediction is that is what would happen here. God forbid we CUT SPENDING. Taxes aren't the way out of a deficit, no country has ever managed to tax themselves out of one. Ever. Link to comment Share on other sites More sharing options...
suwanneetrader Posted February 6, 2011 Author Share #21 Posted February 6, 2011 Don't get me started on ridiculous taxes and the foolish thought processes behind them. That having been said, if 'we' look at some examples in Europe, as far as taxes go, once 'the people' hit a certain point, they go out of their way to avoid paying said taxes, by any means possible. My prediction is that is what would happen here. God forbid we CUT SPENDING. Taxes aren't the way out of a deficit, no country has ever managed to tax themselves out of one. Ever. We Americans have been willing to pay our fair share of taxes. BUT-- for too long? -- Both Parties have failed to use our tax $'s properly. We have waisted $'s and shed blood to fight Dictators that our tax $'s put in and kept in power until they turned on us (Iraq and Panama, to name only two) let us hope Egypt doesn't go the same way. Recently the Washington Crowd have felt they needed to pay their fellow crooks in the Banking, Insurance,and Automotive, etc Business back for all their donations, free vacations etc. with OUR tax monies. What is it going to take to get OUR country back on track? Richard just an old retired guy in FL YA an Old Fart Venting:lol: Link to comment Share on other sites More sharing options...
gecko NZ Posted February 6, 2011 Share #22 Posted February 6, 2011 they kind of do tax your birthday cash if you put it in the bank...they tax the interest at least I'm all about taxes that make sense...it's what makes the country run...but it's the stupid ones that I hate. And some of what they're used for I have big problems, for instance, with the unemployment usage. While I understand in the economy, many people can't find jobs, I think there are plenty of others who are lazy and milk the system, esp. now that you can collect it up to 99 weeks. I think there should be random drug screenings. Why should my hard earned tax dollars pay for some oxygen thief's smack habit? dam 99 weeks sounds good, in New Zealand theres no limit, and no incentive to get off of it, if they hassle you too much you just go on a sickness benefit and say you "cant get off the drugs" lol Link to comment Share on other sites More sharing options...
17thairborne Posted February 6, 2011 Share #23 Posted February 6, 2011 I seem to remember we went to war over a 4% tax on tea. Here we are paying over 50% of our income to support every liberal government program under the sun and we sit and take this! Write to your representatives as often as possible and vote. If we are not a pain in the a$$ over this it will only get worse. When will it end? :yucky: Link to comment Share on other sites More sharing options...
Andrei Posted February 6, 2011 Share #24 Posted February 6, 2011 Some ten years ago the French IRS dept started to be concerned with eBay and Paypal money, etc.... They tasked a small team of agents to make a report about eBay activities and online sellings. The head of this team was a friend of mine.... big vinyl records collector, eBay seller, convention vendor, fleamarkets and yard sales hound. He gave back his copy stating that it was nearly impossible to check every sellers and that amount of money were ridiculous, etc.... Ok, that was ten years back. I remember that he was laughing loud when he told us the story. He said, mates, I gain us some free business times for a couple of years. Of all the French IRS agents the dept could have choose to do the report, he was the one and only they should have never asked ! Link to comment Share on other sites More sharing options...
Costa Posted February 6, 2011 Share #25 Posted February 6, 2011 no pay pal--- send cash! i do often and never got burned by the seller. postal money orders another way--- sale big bucks?-- get mo's from several post offices. there are ways to deal with this tax crap---- there is no end as to how these vultures will steal from you. :thumbdown: Link to comment Share on other sites More sharing options...
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