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wantonebad · 10 February 2018, 01:02 AM

And from what I've read other states are to follow!!

If you sell more than $600 online, and receive that income through PayPal you are getting a 1099 for that money and have to account for that income on your tax return. It's new this year for MA and VT and other states are going to institute this next year so keep this in mind!!

I had no idea and now I have to account for $7000 for two watch sales I had, god I love tax season!!

wiswrist · 10 February 2018, 01:35 AM

Was it a $7,000 gain? Just because you sold something, doesn't mean you have to pay tax on it on the total sale price or cash received. What did you buy those two watches for (your basis)?

wantonebad · 10 February 2018, 01:40 AM

Quote:

Originally Posted by rac10000

Was it a $7,000 gain? Just because you sold something, doesn't mean you have to pay tax on it on the total sale price or cash received. What did you buy those two watches for (your basis)?

Yeah I took a loss and will be able to adjust my expenses to counteract the income but I wanted to get the warning out there because this came out of the blue with no warning!

crew · 10 February 2018, 01:50 AM

Hey Marc, good info.
Thanks for sharing.
I can guarantee that other states will soon follow. I’m surprised NY didn’t get on it already.

wiswrist · 10 February 2018, 04:20 AM

Quote:

Originally Posted by wantonebad

Yeah I took a loss and will be able to adjust my expenses to counteract the income but I wanted to get the warning out there because this came out of the blue with no warning!

... I guess it could be considered an upside to never making money when I flip my watches

Unfortunately, stuff like this is only going to become more common.

Knappo 1307 · 10 February 2018, 06:53 AM

Quote:

Originally Posted by rac10000

Was it a $7,000 gain? Just because you sold something, doesn't mean you have to pay tax on it on the total sale price or cash received. What did you buy those two watches for (your basis)?

Hey Marc, I think this is the key. You have to pay on the gains, not on 7K. Is that correct?

GradyPhilpott · 10 February 2018, 01:56 AM

Ebay is switching from Paypal to Adyen. I don't know if that affects this policy.

https://www.recode.net/2018/1/31/169...ents-agreement

https://www.cnbc.com/2018/01/31/ebay...ing-adyen.html

wantonebad · 10 February 2018, 06:45 AM

Quote:

Originally Posted by GradyPhilpott

Ebay is switching from Paypal to Adyen. I don't know if that affects this policy.

https://www.recode.net/2018/1/31/169...ents-agreement

https://www.cnbc.com/2018/01/31/ebay...ing-adyen.html

Thanks for this Grady, good info!!

GradyPhilpott · 10 February 2018, 06:49 AM

Quote:

Originally Posted by wantonebad

Thanks for this Grady, good info!!

Pix · 10 February 2018, 02:05 AM

Also needed to collect sales tax and report that besides the new income.

dddrees · 10 February 2018, 02:24 AM

For the average guy or gal not in it for personal items and not for business that really sucks.

wantonebad · 10 February 2018, 03:54 AM

Quote:

Originally Posted by dddrees

For the average guy or gal not in it for personal items and not for business that really sucks.

<------BINGO!!!! That's me LOL!!

dddrees · 10 February 2018, 03:58 AM

Quote:

Originally Posted by wantonebad

<------BINGO!!!! That's me LOL!!

Well I’ve done it on occasion as well. It wasn’t watches but it did help me cleanup another hobby I have. I’ve always considered it a good means should I ever need it again, maybe not so much now. Thanks for posting the warning.

cruise_bone · 10 February 2018, 05:27 AM

Quote:

Originally Posted by wantonebad

<------BINGO!!!! That's me LOL!!

You can still offset the sale of the watch with basis up to the point of zero income.
You can't take a loss on the sale of personal items but you need not include the gross sales as income either.

When you receive a 1099 you must report the income on your return somewhere, or you are simply asking the IRS to send you a Love letter.
BUT, you can back out the cost so that the net income to you is zero.

PM if you want to discuss details.

Flyinghunter · 10 February 2018, 05:38 AM

“All within the state, nothing outside the state, nothing against the state.” -

This famous line is from Benito Mussolini.

Maybelline · 10 February 2018, 06:05 AM

How else would a state like Mass pay for all of their bs if they didn’t invent new taxes every once in a while.

The Libertine · 10 February 2018, 10:36 AM

Quote:

Originally Posted by Maybelline

How else would a state like Mass pay for all of their bs if they didn’t invent new taxes every once in a while.

No kidding! Still can’t get over the friggin’ excise tax, because they certainly aren’t putting the funds towards improving the roads!!

Maybelline · 10 February 2018, 10:52 PM

Quote:

Originally Posted by The Libertine

No kidding! Still can’t get over the friggin’ excise tax, because they certainly aren’t putting the funds towards improving the roads!!

Eventually I will move out of this shithole.

The Libertine · 10 February 2018, 10:55 PM

Quote:

Originally Posted by Maybelline

Eventually I will move out of this shithole.

Abdullah71601 · 11 February 2018, 01:00 AM

Quote:

Originally Posted by The Libertine

No kidding! Still can’t get over the friggin’ excise tax, because they certainly aren’t putting the funds towards improving the roads!!

They are improving someone’s road, just not any near you. What do the streets look like near your congressman’s house?

Reddy_Kilowatt · 11 February 2018, 12:34 AM

Quote:

Originally Posted by Maybelline

How else would a state like Mass pay for all of their bs if they didn’t invent new taxes every once in a while.

What new tax was implemented?

Valenciawatchrepair · 10 February 2018, 06:29 AM

Ugh this will suck for me. Need to keep better records. When I help someone out selling their watch and it's run through my PayPal(tens of thousands of $$$), this could get messy.

Sent from my Moto G (5) Plus using Tapatalk

dmac001 · 11 February 2018, 12:21 AM

Don't forget to include any costs of service, repair, cleaning, postage.... along with your purchase price. Receipts would be good to keep.

brandrea · 11 February 2018, 12:24 AM

Lots of revenue at stake ... no surprise the government wants its cut. Now it’s easier than ever to track.

10 February 2018, 01:02 AM	#1
wantonebad 2024 SubLV41 Pledge Member Join Date: Nov 2007 Location: USA Watch: 126600, 116500LN Posts: 12,849	Massachusetts and Vermont Residents 1099 Fears Realized And from what I've read other states are to follow!! If you sell more than $600 online, and receive that income through PayPal you are getting a 1099 for that money and have to account for that income on your tax return. It's new this year for MA and VT and other states are going to institute this next year so keep this in mind!! I had no idea and now I have to account for $7000 for two watch sales I had, god I love tax season!! __________________ "I'm kind of a big deal... on a fairly irrelevant social media site that falsely inflates my fragile ego"

10 February 2018, 01:35 AM	#2
wiswrist 2024 SubLV41 Pledge Member Join Date: May 2010 Location: USA Posts: 1,086	Was it a $7,000 gain? Just because you sold something, doesn't mean you have to pay tax on it on the total sale price or cash received. What did you buy those two watches for (your basis)? __________________ @wiswrist

10 February 2018, 01:56 AM	#7
GradyPhilpott 2024 SubLV41 Pledge Member Join Date: Sep 2008 Location: New Mexico Watch: Seiko #SRK047 Posts: 34,460	Ebay is switching from Paypal to Adyen. I don't know if that affects this policy. https://www.recode.net/2018/1/31/169...ents-agreement https://www.cnbc.com/2018/01/31/ebay...ing-adyen.html __________________ JJ Inaugural TRF $50 Watch Challenge Winner

10 February 2018, 02:24 AM	#11
dddrees "TRF" Member Join Date: May 2010 Real Name: Dan Location: USA Watch: This N That Posts: 34,253	For the average guy or gal not in it for personal items and not for business that really sucks. __________________ When it captures your imagination, that's when you know you have found your passion. Loyal Foot Soldier of The Nylon Nation. Card Carrying Member of the Global Association of Retro-Grouch-Curmudgeons

10 February 2018, 01:50 AM	#4
crew "TRF" Member Join Date: Mar 2009 Real Name: John Location: Rochester/Naples Watch: Pepsi Posts: 18,307	Hey Marc, good info. Thanks for sharing. I can guarantee that other states will soon follow. I’m surprised NY didn’t get on it already.

10 February 2018, 02:05 AM	#10
Pix "TRF" Member Join Date: May 2010 Location: midwest Watch: SS Datejust Posts: 1,288	Also needed to collect sales tax and report that besides the new income.

10 February 2018, 05:38 AM	#15
Flyinghunter "TRF" Member Join Date: Nov 2017 Location: South Posts: 342	“All within the state, nothing outside the state, nothing against the state.” - This famous line is from Benito Mussolini.

10 February 2018, 06:05 AM	#16
Maybelline Banned Join Date: Jul 2016 Location: Gone Posts: 448	How else would a state like Mass pay for all of their bs if they didn’t invent new taxes every once in a while.

10 February 2018, 06:29 AM	#22
Valenciawatchrepair Banned Join Date: Aug 2015 Location: Ellijay, GA Posts: 1,504	Ugh this will suck for me. Need to keep better records. When I help someone out selling their watch and it's run through my PayPal(tens of thousands of $$$), this could get messy. Sent from my Moto G (5) Plus using Tapatalk

11 February 2018, 12:21 AM	#23
dmac001 "TRF" Member Join Date: Dec 2017 Location: California Watch: Yacht-Master Posts: 64	Don't forget to include any costs of service, repair, cleaning, postage.... along with your purchase price. Receipts would be good to keep.

11 February 2018, 12:24 AM	#24
brandrea 2024 SubLV41 Pledge Member Join Date: Jul 2013 Real Name: Brian (TBone) Location: canada Watch: es make me smile Posts: 78,135	Lots of revenue at stake ... no surprise the government wants its cut. Now it’s easier than ever to track.

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