Ebay sales tax10524
Pages:
1
 The apple sauce and pudding were the best part...
|
Bronte private msg quote post Address this user | |
| I am a personal seller. I just sold 12 books and i just now looked at a paypal invoice. It charged sales tax. Im not a business. I dont want to report this as income since these are just personal books and i have no interest in starting a business. Right now i cant help but wonder how screwed i am that i collected tax on 2500$ worth of books. Im assuming a call to an accountant is in order, but if anyone has thoughts on this, id love to hear them. |
||
| Post 1 • IP flag post | ||
 Collector
|
comic_book_man private msg quote post Address this user | |
| @Bronte its terrible, I hate it | ||
| Post 2 • IP flag post | ||
 Collector
|
poka private msg quote post Address this user | |
Quote:Originally Posted by Bronte did you sell via ebay? |
||
| Post 3 • IP flag post | ||
 I hear their hourly rate is outrageous!
|
sportshort private msg quote post Address this user | |
| I think the collect tax if you sell a used sock. I don't know how it works but since paypal is collecting the money and probably paying it to the government, maybe there is nothing to do and nothing to worry about. IDK. | ||
| Post 4 • IP flag post | ||
 Collector
|
GanaSoth private msg quote post Address this user | |
| It's really making me rethink the way I buy or sell comics... the tax just pisses me off really. | ||
| Post 5 • IP flag post | ||
 Masculinity takes a holiday.
|
EbayMafia private msg quote post Address this user | |
Quote:Originally Posted by Bronte Here's how I understand it. sales tax is a state issue, not a federal issue. The sales tax would have been collected by Ebay and they will pay it directly to the state, you did not collect it. I'm not sure, but I don't think that Ebay reports the identities of the sellers to the states, I think they just pay the tax. Also, if the books were sold out of your state, the tax would be paid to the other state so it will not create a reporting issue for you. You will have a reporting issue if you get over $20,000 in Ebay sales in a year. Apparently that will get reported at the Federal level. |
||
| Post 6 • IP flag post | ||
|
I hear their hourly rate is outrageous!
|
sportshort private msg quote post Address this user | |
Quote:Originally Posted by GanaSoth You and me both. everything costs way more on big ticket (or even small ticket) items. |
||
| Post 7 • IP flag post | ||
 Collector
|
Drogio private msg quote post Address this user | |
| If you sell to buyers in the US, some states may require you to collect applicable Internet Sales Tax on your transactions. As of October 1, 2019, a total of 34 states now require the collection of sales tax. In such cases, eBay collects and remits Internet Sales Tax on your behalf. Learn more about Internet Sales Tax, on our Help pages, from your tax advisor, or from our partners Avalara and TaxJar. Starting in November 2019, the way taxable transactions are processed and how taxes are collected for remittance will change, as follows: In states where eBay is required to collect Internet Sales Tax from buyers, order totals sent for processing will reflect the gross order amount inclusive of tax. Once settled, the tax amount will be automatically deducted for remittance to the applicable taxing authority. A record of the sales tax portion of the order will be available on the Seller Hub Order details page and through our Download order report. Please note the applicable tax will continue to be paid by the buyer and you do not need to take any action. These changes do not apply to sellers in managed payments. clickable text |
||
| Post 8 • IP flag post | ||
|
The apple sauce and pudding were the best part...
|
Bronte private msg quote post Address this user | |
Quote:Originally Posted by poka Yes. Everything sold was through ebay. I will need to look at all the receipts closer to see if it charged taxes on all of the items. Surprisingly a lot of buyers are from Florida. |
||
| Post 9 • IP flag post | ||
|
The apple sauce and pudding were the best part...
|
Bronte private msg quote post Address this user | |
| Texas was taxed twice ( 2 separate buyers) Denver's was taxed once South Carolina was taxed once. I live in FL. I would have thought that would. E first place they would tax.... |
||
| Post 10 • IP flag post | ||
|
The apple sauce and pudding were the best part...
|
Bronte private msg quote post Address this user | |
| @Drogio Looks like your link points to why and which states. Thank you |
||
| Post 11 • IP flag post | ||
|
The apple sauce and pudding were the best part...
|
Bronte private msg quote post Address this user | |
| @EbaySeller You were also correct. Thank you for your input. Anytime the IRS is involved I sweat bullets.. Damn guilty conscience over nothing.... |
||
| Post 12 • IP flag post | ||
 Collector
|
Doc_Cop private msg quote post Address this user | |
| @Drogio. Thank you for clarifying the sales tax issue. You put my mind at ease. Looks like I'll be making my big ticket purchases at conventions or Instagram. Nuff said.. | ||
| Post 13 • IP flag post | ||
 I live in RI and Rhode Islanders eat chili with beans.
|
esaravo private msg quote post Address this user | |
| @Doc_Cop - Good luck finding deals at conventions for big ticket items. I have only seen keys marked up 1.5 to 2X or more above fair market value at the last few I have attended. It's hard to find common ground when they are asking 4.5K for a 2.5K book and they tell you they will give you a deal - only 4K today (actual situation from last month's RI Comic Con). My search continues. | ||
| Post 14 • IP flag post | ||
|
Collector
|
Doc_Cop private msg quote post Address this user | |
| @Esaravo. Probably why I do well selling at conventions. I sell at FMV (If hot book) or below FMV. Every book I sell is marked with price I paid and price I am selling for (cryptically of course) so I can sell at a fair price and not short change myself. I actually scored a Ghost Rider one ( I consider a big book) at the Keystone comic con at a fair price. And I do pretty well at local comic shows. Have the faith, nuff said.. | ||
| Post 15 • IP flag post | ||
 I had no way of knowing that 9.8 graded copies signed by Adam Hughes weren't what you were looking for.
|
drchaos private msg quote post Address this user | |
| @esaravo Big Shows with Hollywood celebrities and top artists will have heavily marked up books. Small local shows can be a great place to get bargains. |
||
| Post 16 • IP flag post | ||
 Beaten by boat oars
|
Studley_Dudley private msg quote post Address this user | |
| Cash was still king last time I went to a show. Some of the dealers were keeping tabs to make sure they paid the appropriate sales tax afterwards but I don't know how enforced it is. My experience is cash will get you what you want and eliminates the paper trail. Basically it comes down to the "I don't like sales tax and you like credit card fees" way of thinking. Still, large shows don't get good deals from my understanding. The small to medium size shows are good especially if you develop a rapport with the dealers since most I've met seem to be regional folks. | ||
| Post 17 • IP flag post | ||
 Collector
|
Arak private msg quote post Address this user | |
| Man it would be great if some of you came to Comicpalooza here in Houston next year. I could build a locomotive costume for crystals wheelchair and dress as conductor. we could come meet Ya'll and buy some comics. Maybe grab a steak and a beer. If there is something in Dallas we might could go there also. I always like putting a face with a name |
||
| Post 18 • IP flag post | ||
|
Masculinity takes a holiday.
|
EbayMafia private msg quote post Address this user | |
Quote:Originally Posted by esaravo You can't really find a deal buying a single slabbed book at conventions. Maybe an occasional Raw book here or there but definitely not slabbed. However, conventions are much safer than online for buying raw books and you can put together package deals on multiple books, which is hard to do online. But yes, always bring cash if you want to make deals at shows. |
||
| Post 19 • IP flag post | ||
|
Collector
|
Doc_Cop private msg quote post Address this user | |
| @Arak. I am heading to Austin in January. Any suggestions for good LCS in the area? I know Houston is not close to Austin, but thought I would ask. | ||
| Post 20 • IP flag post | ||
 Collector
|
Darkseid_of_town private msg quote post Address this user | |
Quote:Originally Posted by esaravoHe is onto something here....I seldom buy heavy duty books at shows and cons anymore for this very reason. I am seeing this time and time again, and he is dead on with his comment about giving you a deal, with a comic already priced double guide...cause you can bet they aren't doing two for ones, or going half price on all blue ticket books. |
||
| Post 21 • IP flag post | ||
 Collector
|
hitmantyler private msg quote post Address this user | |
| I personally hate eBay for the last few years cause of this sales tax, I used to go to eBay plenty of times to avoid tax and get things cheaper not comic related. Sometimes now even with cheaper item, plus shipping and now tax adds up to price at local stores. | ||
| Post 22 • IP flag post | ||
|
Collector
|
Drogio private msg quote post Address this user | |
| Not ebays fault. They warned people to stand up and write their congressman/senator. Blame the Supreme Court. | ||
| Post 23 • IP flag post | ||
 Rock, Paper, Scissors, Lizard, Spock
|
Tedsaid private msg quote post Address this user | |
Quote:Originally Posted by EbaySeller I didn't know that. Is it a federal requirement? Do other places have to report these totals, too? I'm thinking about MyComicShop ... I may be over that limit for the year, and I wasn't really planning on dealing with that yet. |
||
| Post 24 • IP flag post | ||
|
Masculinity takes a holiday.
|
EbayMafia private msg quote post Address this user | |
Quote:Originally Posted by Tedsaid It's a good question that should be asked of MCS. Maybe it's different since they are a consignor? I just remember that 9-10 years ago I did pretty big sales on Ebay, maybe $18,000. I got a notice from Ebay that if my sales went over $20,000 (I think in a Calendar Year) they would be obligated to report the sales to the IRS, so it was Federal. |
||
| Post 25 • IP flag post | ||
|
I had no way of knowing that 9.8 graded copies signed by Adam Hughes weren't what you were looking for.
|
drchaos private msg quote post Address this user | |
Quote:Originally Posted by Tedsaid I have the same question. This is my first year selling consignments through MCS so I do not know if they will send a 1099 to the IRS. |
||
| Post 26 • IP flag post | ||
 Collector*
|
Towmater private msg quote post Address this user | |
Quote:Originally Posted by EbaySeller The 1099-K is issued through Paypal. I believe if you have $20K plus in sales and 200+ transactions you will get one and the IRS gets a copy too. |
||
| Post 27 • IP flag post | ||
Pages:
1This topic is archived. Start new topic?