Jump to content
IGNORED

New eBay Managed Payments - They cut PayPal out!


Recommended Posts

8 hours ago, cromag27 said:

not true.  for finance reports you can go back a couple years.  the 'tax report' you get every month shows you the taxes on fees (if any) that have already been deducted.  oddly enough, none of my sales have been taxed this year.

You can download your Tax invoice in Seller Hub. Here's how:

  1. Go to the Payments tab - opens in new window or tab in Seller Hub.
  2. From the menu on the left, select Reports.
  3. Select the Invoices tab. You'll see the list of available Tax invoices by month.
  4. To download a report for a specific month, select Summary Download or Detail Download.

Dont yiu think ive been all over that man. I have an anchor store. Ive done this and my taxes for years. I now what i need. I can look at invoices by m nth. Too bad sales tax isnt on there. Im off nearly 2k from what was reported on the 1099 and i manually accounted for sales. The more detsiled reports are 90 days. The normal invoices you are talking about are the ssme ones they always have. This past year paypal and managed payments are mixed and this causes the problems. If you dont sell bulk like i do and fill out your own complicated tax forms for it then you wouldnt understand.

 

I did manage to find a csv file for detail for 2020 but its only the period with managed payments. No data pre september for that even though i requested 12 months. What you are suggesting ive already been done and went through. I know what im doing dude.

Link to post
Share on other sites
  • Replies 168
  • Created
  • Last Reply

Top Posters In This Topic

Top Posters In This Topic

Popular Posts

I was forced into managed payments in august. It doesnt increase any protection. I sold a fitbit for like 100 bucks . It was new and sealed. A person bought it in august. 3 and a half months afte

In business, the idea is to make it easy for people to want to give you money, right? Finally had to address this with my seller account. Not excited. And honestly, I can’t remember when the last

Listening to people blame Biden for taxes they should have been paying makes my day ☺️

Posted Images

I was just looking at eBay, and noticed that I am going to get a 1099 for having $600 or more aggregate sales in 2021 since I live in Maryland. That's a hell of a lot lower than the $20,000 limit from PayPal. Has this been discussed already somewhere else, because I'd love to hear people's opinions about it and if there's a way I can switch back to using PayPal to receive payments and avoid this.

 

Link: https://www.ebay.com/help/selling/fees-credits-invoices/ebay-form-1099k?id=4794#:~:text=eBay and Form 1099-K,-If you're&text=We'll provide you with,%2420%2C000 in gross payments%2C and 

Link to post
Share on other sites
On 3/15/2021 at 5:34 AM, Quest4Nes said:

Dont yiu think ive been all over that man. I have an anchor store. Ive done this and my taxes for years. I now what i need. I can look at invoices by m nth. Too bad sales tax isnt on there. Im off nearly 2k from what was reported on the 1099 and i manually accounted for sales. The more detsiled reports are 90 days. The normal invoices you are talking about are the ssme ones they always have. This past year paypal and managed payments are mixed and this causes the problems. If you dont sell bulk like i do and fill out your own complicated tax forms for it then you wouldnt understand.

 

I did manage to find a csv file for detail for 2020 but its only the period with managed payments. No data pre september for that even though i requested 12 months. What you are suggesting ive already been done and went through. I know what im doing dude.

sorry, no offense was meant.  just trying to find other ways in case you missed something, but it sounds like you obviously are in the know!

Link to post
Share on other sites
4 minutes ago, BreaKBeatZ said:

I was just looking at eBay, and noticed that I am going to get a 1099 for having $600 or more aggregate sales in 2021 since I live in Maryland. That's a hell of a lot lower than the $20,000 limit from PayPal. Has this been discussed already somewhere else, because I'd love to hear people's opinions about it and if there's a way I can switch back to using PayPal to receive payments and avoid this.

 

Link: https://www.ebay.com/help/selling/fees-credits-invoices/ebay-form-1099k?id=4794#:~:text=eBay and Form 1099-K,-If you're&text=We'll provide you with,%2420%2C000 in gross payments%2C and 

 

no way to switch, i've already inquired.  they now get to choose.

Link to post
Share on other sites
44 minutes ago, cromag27 said:

 

no way to switch, i've already inquired.  they now get to choose.

I wonder if changing my address to a non-Maryland state will work. Being taxed on this is total BS because I spend more than I sell on the hobby but can't deduct that. And of course, I can't provide a cost basis for games I sell, but it's usually for around what I paid for them.

Link to post
Share on other sites
18 minutes ago, BreaKBeatZ said:

I wonder if changing my address to a non-Maryland state will work. Being taxed on this is total BS because I spend more than I sell on the hobby but can't deduct that. And of course, I can't provide a cost basis for games I sell, but it's usually for around what I paid for them.

that would be fraud. 

Link to post
Share on other sites
Member · Posted
2 hours ago, BreaKBeatZ said:

I was just looking at eBay, and noticed that I am going to get a 1099 for having $600 or more aggregate sales in 2021 since I live in Maryland. That's a hell of a lot lower than the $20,000 limit from PayPal. Has this been discussed already somewhere else, because I'd love to hear people's opinions about it and if there's a way I can switch back to using PayPal to receive payments and avoid this.

 

Link: https://www.ebay.com/help/selling/fees-credits-invoices/ebay-form-1099k?id=4794#:~:text=eBay and Form 1099-K,-If you're&text=We'll provide you with,%2420%2C000 in gross payments%2C and 

Yeah, VA is getting screwed by this too.  Pretty frustrating.

Link to post
Share on other sites
2 hours ago, BreaKBeatZ said:

I was just looking at eBay, and noticed that I am going to get a 1099 for having $600 or more aggregate sales in 2021 since I live in Maryland. That's a hell of a lot lower than the $20,000 limit from PayPal. Has this been discussed already somewhere else, because I'd love to hear people's opinions about it and if there's a way I can switch back to using PayPal to receive payments and avoid this.

 

Link: https://www.ebay.com/help/selling/fees-credits-invoices/ebay-form-1099k?id=4794#:~:text=eBay and Form 1099-K,-If you're&text=We'll provide you with,%2420%2C000 in gross payments%2C and 

Damn that's an insanely low threshold. $600 or $20k? Where do they ever come up with that. 

Link to post
Share on other sites
Member · Posted
9 minutes ago, RegularGuyGamer said:

Any documents on that? It's federal tax idk why the state would choose. Also, only applying the standard to ebay's new payments and not Amazon, or any other only distributor seems specific. 

 

A number of states have set lower bars that force a 1099-K to be generated, and force the companies to share the 1099-K to the state.  It was news to me, too, this year, when I found out that VA had set a threshold of $600 for generating the form.

It isn't just eBay, it is any online service that falls within the $20k / 200 transaction rule (that we MOSTLY associated with Paypal, though the IRS rules are written more generically)

 

EDIT: and the 1099K represents state income to be taxed, as well, not just federal. If you're in a zero-income-tax state, though, you'd be forgiven for being blissfully unaware of the distinction 😉  😛

Edited by arch_8ngel
  • Thanks 1
Link to post
Share on other sites
15 minutes ago, RegularGuyGamer said:

Any documents on that? It's federal tax idk why the state would choose. Also, only applying the standard to ebay's new payments and not Amazon, or any other only distributor seems specific. 

 

nope. it’s a shared federal/state program and not all states have adopted it. and as already discussed, different states have different thresholds. it does not only apply to ebay and amazon. it applies whenever you sell something and use a card processing service. i believe more states will be bumped down to $600 next year, and with NO min number of transactions. 

  • Like 1
  • Wow! 1
Link to post
Share on other sites
2 hours ago, cromag27 said:

that would be fraud. 

I know. But this is BS. I can't deduct things like my electric bill, internet, gas, and other business expenses. I also can't show a deficit because my direct expenses (total amount spent on video games in 2021) exceeds my income from selling video games in the same year. Absolutely horrible.

  • Like 1
Link to post
Share on other sites
51 minutes ago, arch_8ngel said:

EDIT: and the 1099K represents state income to be taxed, as well, not just federal. If you're in a zero-income-tax state, though, you'd be forgiven for being blissfully unaware of the distinction

Ugh I wish. I'm in PA, if you're in PA maybe we can joint file and meet in the middle and file as Delaware residents to get around the state tax?

  • Haha 1
Link to post
Share on other sites
Member · Posted
49 minutes ago, RegularGuyGamer said:

Ugh I wish. I'm in PA, if you're in PA maybe we can joint file and meet in the middle and file as Delaware residents to get around the state tax?

DE has no SALES tax -- they definitely have a state income tax, though.

We're pretty far afield of any of the states without income tax, unfortunately.

 

Edited by arch_8ngel
  • Sad 1
Link to post
Share on other sites

the 1099k is only to report transactions processed via card (ebay, paypal, venmo, etc). it has nothing to do with owning a business or sales tax. it’s designed to keep business owners honest, but it now effects all of us who just want to sell personal items. yeah it sucks. 

Link to post
Share on other sites
5 hours ago, MrWunderful said:

It said no form 1099K available. I only made 7k on ebay last year. 

i had to do all of paypal by hand this year. I have 2 stores currently. one on managed payments and another started last april on paypal still. They never invited me to managed payments on there so I didnt bother.

The managed payments took over most of my sales from september-december last year. But I still had 50k on paypal with 3600 transactions. Went to get my 1099 on their site which Ive done every year for years. No tax data for 2020. They dont have a 1099 for me. 

 

I have to claim it its a business. But now I have no number to compare mine to. Had to sift through multiple different report printouts to get accurate sales numbers. I like getting their number because usually my personal calculation and theirs will be different by the amount in paypal fees making it easy to figure out. Had to rough guess paypal fees this year. By rough guess, I mean hope that sales data I had times .029 was an accurate figure and then add .30 cents times the 3600 transactions. Not having the 1099 makes me nervous.

 

 

Link to post
Share on other sites
Member · Posted
5 hours ago, cromag27 said:

nope. it’s a shared federal/state program and not all states have adopted it. and as already discussed, different states have different thresholds. it does not only apply to ebay and amazon. it applies whenever you sell something and use a card processing service. i believe more states will be bumped down to $600 next year, and with NO min number of transactions. 

I did some poking, found this so far of those who already screw their citizens (knew of MA from a friend) Vermont, Massasschusetts, Virginia, DC, Mississippi, and Maryland.  $600 in gross payment value over a year.  Illinois is $1000 over 4 sales and New Jersey is $1000 overall.  $2500 in Arkansas.

DAMNIT...fucking democrats and their taxing.  I was going to ask where'd you find this, but I did some digging.  That asshole in chief Biden signed it into law this month.  I guess I'm done using ebay for sales 12/31 of this year.  I refuse to pay taxes on an item I already paid taxes on to buy it in the first place.  I'll just use facebook, cash only.  I wonder if I'll need to terminate my paypal account too, since they'll happily rat me out too if I have more than $600 injected into the account from 'goods and services' as well.  Seems if you go along with it, you're hit with the 15.3% self employment tax rate.

 

American Rescue Plan Act Clarifies Scope of Form 1099-K Reporting and Reduces De Minimis Threshold

Section 9674(a) of the ARPA changes the de minimis threshold for Form 1099-K reporting for TPSOs.  (No de minimis threshold applies with respect to payment card transactions.)  Currently, the de minimis rule under section 6050W(e) provides that a TPSO is required to report on Form 1099-K with respect to third party network transactions of any participating payee only if (1) the amount that would otherwise be reported exceeds $20,000, and (2) the aggregate number of transactions exceeds 200.  The new law replaces this two-step de minimis standard with a single $600 reporting threshold effective for 2022.  Accordingly, a single transaction for more than $600 settled through a TPSO will now be reportable as will multiple transactions that total more than $600.

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Welcome to VGS!

    Play, Make, Collect.

    Here at VGS all kinds of gamers are welcome, and that includes you!

    Join the conversation!

×
×
  • Create New...