NEW HOLD 1099K IRS reporting schem/sales over $600 /year- kart parts sales tumble.

[Mark Loraine]

 
For those of you who have stopped selling karts and part like me because of draconian tax laws, this link will get you to the online eBay petition to fight and repeal this travesty.  I wont get anymore political-Not The Place. But many of us use eBay to buy and sell, but have stopped because of the new tax law.

Incidentally, have you noticed the lack of parts being sold on eBay as compared to last year?
Actually I stopped last June when PayPal got tossed and everything has to go directly through the checking account, making it no longer an anonymous transaction the gov’t would have access to.

Anyways, here is the link if you want to speak out against the tax through eBay.
https://www.ebaymainstreet.com/issues/10...-reporting
Accepting a Paypal payment for $601.00 will automatically flag you as a 1099K tax status. Also the tax is said to be automatically taken, so you cant get around it.
So if you you aint standing in front of me with a fist full of cash, It’s’ still mine.
Please stay on topic if you feel the need to comment,
Thank You
Mark L.  /  SWNY
 

[Gary Wlodarsky]

For those of you who have stopped selling karts and part like me because of draconian tax laws, this link will get you to the online ebay petition to fight and repeal this travisty.  I wont get anymore political-Not The Place. But many of us use eBay to buy and sell, but have stopped because of the new tax law.
Incidentally, have you noticed the lack of parts being sold on ebay as compared to last year?
Actually I stopped last June when paypal got tossed and everything has to go directly through the checking account, making it no longer an annonomous transaction the gov’t would have access to.
Anyways, here is the link if you want to speak out against the tax through eBay.
https://www.ebaymainstreet.com/issues/10...-reporting
Accepting a Paypal payment for $601.00 will automatically flag you as a 1099K tax status. Also the tax is said to be automatically taken, so you cant get around it.
So if you you aint standing in front of me with a fist full of cash, It’s’ still mine.
Please stay on topic if you feel the need to comment, Thank You
Mark L.  /  SWNY
 

YEP...BIG BROTHER IS EVERYWHERE......dang caps..GRRR...yep very few are selling good stuff on there anymore...websites and FB marketplace is taking over.. the down side,,,you still have a much larger buying audience on ebay....gotta pay to play I guess.....

[Mark Loraine]

here is the skinny again for those of you that missed it and sell using digital transfer of funds.
this was just posted on YT Aug 7th, 2022.
https://www.youtube.com/watch?v=yJEJ1wfay5I

Note that he is being spam bombed, so do not reply to anyone in comment section of his video.

[Mark Loraine]

December 6th 2022

IRS Issues Another Tax Warning to Americans Who Made More Than $600 Online

https://www.theepochtimes.com/irs-issue ... FtEw%3D%3D

the tax is on the transaction total including shipping and insurance.

[Mark Loraine]

Hal Turner the poster of the information BELOW must have determined it was dated/old data and therefore removed the story.
MODERATOR: please feel free to delete this single posting by me!



For anyone using paypal and have funds in your account, you may want to see this posting hot off the press.

https://halturnerradioshow.com/index.php...ey-out-now

You might also want to spread the word if you find it accurate.
This is only a potential warning that may be erroneous, but better to safe than sorry.

Thanks,

Mark

[Mark Loraine]

So if your selling a vintage kart on eBay in parts and accessories, you will pay 13.25% eBay final value fee's based on the entire amount including shipping and Insurance, that's right Fee's on the costs to send what ever you sold.

Same for the tax man, here in NYS I have to pay 8% on most all purchases and on everything I sell that is now zero, for a grand total of 21.25% which is outright stealing in my opinion. Sell $1000 dollars and $212.50 is taken out.

I've just completed 4 sales from 3 individuals using postal Money Orders that are sent Certified mail which can be tracked on USPS tracking for the cost of $5.01 as of this writing. Security envelopes is the only way to mail these PMO's or at least wrap them with a newspaper tear off to camouflage the contents of the envelope.
Tearing off the receipt portion of the PMO is your only proof of what you bought, so tear it off and staple it to the printed receipt you get from the clerk.

This January 1st the IRS 1099 KY jelly reporting will have been in effect for 2 years.

I s***canned PaPal, besides they're anti 2nd.

Please stay on topic if you feel the need to comment, Thank You
Mark L. / SWNY

[Mark Loraine]

And here is more in eBay Community on the very subject, so it does look as though we're back on the $20,000 a year limit in sales. at least for a while.
https://community.ebay.com/t5/Selling/IR...0#M2312677

[Mark Loraine]

There is a new "oh scheisse" event going on with the IRS and it is happening as we speak (11/30/23)  Now I copied this Youtube video at the proper time stamp (15:05) and he briefly goes into what is just now being seen by those that have either filed an extension or paid up with the man.  Its not very long.

monkey werx......
https://youtu.be/bGyUy2EHO7I?t=905

Regards,
Mark L.  /  SWNY