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Car Forum / Antique and Collectibles / Studebaker / December 2007New ebay tax
The 2008 proposed budget contains a provision that would require ebay to report to the IRS any seller that does $5000 in gross sales in one year. Ebay is fighting it since it does not apply to any other private sales, auctions, Craig's list and the like. If it passes, be prepared to pay taxes if you sold your Studebaker for more then you paid or document every dime you spent on it. The same with parts, that $10 part you bought in 1980 is going to get taxed big time if it goes for say $200 if you exceed the 5K a year. Ebay has already stated they will have to raise fees to cover the IRS paperwork, but contends they are no more involved in the sale then Crag's list, or a newspaper ad, they're just providing a venue for the sale between two parties.  SignatureJP/Maryland Studebaker On the Net http://stude.com My Ebay items:http://www.stude.com/EBAY/ 63 R2 4 speed GT Hawk 63 Lark 2 door 62 Lark 2 door 60 Hawk 58 Scotsman 53 Starliner 52 Starliner 51 Commander 39 Coupe Express 39 Coupe Express (body) There was a report out years ago about E-Bay and the IRS. Seems some people have decided to forego their brick and mortar store for the virtual one. The IRS became suddenly interested and was supposedly tracking sales... could make an audit very interesting. Lee > The 2008 proposed budget contains a provision that would require ebay > to report to the IRS any seller that does $5000 in gross sales in one [quoted text clipped - 8 lines] > list, or a newspaper ad, they're just providing a venue for the sale > between two parties. Would they be so mean as to send an old 67 year old man to jail or just attach his meager social security. Allen >There was a report out years ago about E-Bay and the IRS. Seems some people >have decided to forego their brick and mortar store for the virtual one. >The IRS became suddenly interested and was supposedly tracking sales... >could make an audit very interesting SignatureAllen French The way that this 67 year old sees it, the guv'ment would spend a million to collect $10 from you. Jail... Hey, 3 squares, all the TV you can watch and the benefits of rehab might be just fine! <g> JT > Would they be so mean as to send an old 67 year old man to jail or just > attach his meager social security. [quoted text clipped - 4 lines] >>The IRS became suddenly interested and was supposedly tracking sales... >>could make an audit very interesting But to look at it from the other side, if you're selling $100,000 worth of parts out of your brick & mortar store and having to declare any profits as income. If I start up a virtual store online (through E-Bay) and sell $100,000 worth of parts why should I be exempt from having to declare the profits as income? This isn't to hit the guy emptying out his attic or basement, it's to hit the guy who is running a business online. Lee > Would they be so mean as to send an old 67 year old man to jail or just > attach his meager social security. [quoted text clipped - 4 lines] >>The IRS became suddenly interested and was supposedly tracking sales... >>could make an audit very interesting ebay revenue has always been subject to income taxes, of course, and ebay has always been ready & willing to provide info to the IRS if asked. All the feds have to do if fishing for unreported income is to ask ebay if an individual has been using their service, and total revenues from ebay sales will be considered as income, unless receipts are provided by the seller for the cost of goods sold. With parts, the goods could be that part you bought in the 80's for $10 and recently sold for a few hundred, or that part you bought at a swap meet w/no receipt and sold for a 20% mark-up. You had better be able to provide some kind of receipt and hope the auditor will accept it if. Few people can afford to pay income tax on total sales. Once a subject is marked, the goons will spend thousands to find a few hundred in unreported income, but really prefer for the subject to provide them with the noose with which to hang him. They are really lazy. When greasing someone up for an audit, they demand that all records, bank atatements, deposit slips, etc. be made avaialble for their use. They hate to dig unless they really have to. It would be easier for them if ebay would just turn in a 1099 on everybody. What hangs most people is under-reporting on ther tax returns, which are a sworn affidavit, and it is a crime to falsely swear an affidavit, though it is not a crime not to pay the tax. Since tax payers know that their income must be reported, they try to carefully keep all receipts for goods sold, business expenses, rents, etc., which the auditors can throw out or disregard at their whim, increasing the tax liability to an unreasonable amount. (been there, done that) It is really past time for a change in the tax structure and to tell Washington that is not their money, it is our money. I will stop before I get into the politics of the subject. BH > But to look at it from the other side, if you're selling $100,000 worth of > parts out of your brick & mortar store and having to declare any profits as [quoted text clipped - 19 lines] > > Message posted via CarKB.com > > http://www.carkb.com/Uwe/Forums.aspx/studebaker/200712/1 OK, found the proposed law and you need not worry about submitting your SS # to ebay quite yet: "Internet auction sites will only be required to report customer revenue information if the customer does more than 100 separate transactions in a fiscal year and generates more than $5,000 in gross proceeds. In a report from the Information Reporting Program Advisory Committee (part of the IRS), the new proposal is supported by a 2005 study showing that over 700,000 Americans have a primary or secondary source of income through eBay." > ebay revenue has always been subject to income taxes, of course, and ebay > has always been ready & willing to provide info to the IRS if asked. All the [quoted text clipped - 47 lines] >>> Message posted via CarKB.com >>> http://www.carkb.com/Uwe/Forums.aspx/studebaker/200712/1 SignatureJP/Maryland Studebaker On the Net http://stude.com My Ebay items:http://www.stude.com/EBAY/ 63 R2 4 speed GT Hawk 63 Lark 2 door 62 Lark 2 door 60 Hawk 58 Scotsman 53 Starliner 52 Starliner 51 Commander 39 Coupe Express 39 Coupe Express (body) Guess we just need to keep it to under 2 sales a week as long as it truly is an 100 sales AND $5k instead of 100 sales OR $5k > OK, found the proposed law and you need not worry about submitting >your SS # to ebay quite yet: [quoted text clipped - 58 lines] >>>> Message posted via CarKB.com >>>> http://www.carkb.com/Uwe/Forums.aspx/studebaker/200712/1 Lee DeLaBarre Daytona62 That "and" or "or" can be the difference between day 'n night. Fortunately, I'm not subject to a lot of income tax these days... JT > Guess we just need to keep it to under 2 sales a week as long as it > truly is an 100 sales AND $5k instead of 100 sales OR $5k [quoted text clipped - 69 lines] > Lee DeLaBarre > Daytona62 The way I read that statement says that you will be reported if you have both... 100 sales and $5000 in proceeds (so you can't average more than $50 sale). What this says to me is that you could have 10 transactions selling high end collectibles or automobiles and have $100,000 in proceeds or 40,000 sales selling 10 cent coupons with $4000 in proceeds and they wouldn't report you to the IRS. This doesn't make any sense, and I'm sure others writing this law will question it. But as I've said all along, it's my opinion that they are after the people running a business online and not the guy selling grandma's estate. Expect to see more low BIN prices and huge shipping charges... $1.00 vehicles with $20,000 shipping charges (no pick up available). If I had to bet, I'd put money on them change the 100 sales AND $5000 proceeds to 100 sales OR $5000 proceeds. Or not even mentioning the number of sales... as taxable income, the IRS doesn't care if you work 1 job or 10 jobs, all they are interested in is your gross income. Lee > That "and" or "or" can be the difference between day 'n night. > [quoted text clipped - 94 lines] >> Lee DeLaBarre >> Daytona62 It's a good thing that this forum hasn't died completely, when moderation sets in on others. I thought it was just getting good and held my interest. Copied: Please move this discussion to another forum. In fact, one was just started for Stude Folks to discuss a broader variety of topics than is appropriate here. Thank you. BS...Webmaster Actually I was glad jumped in. The thread started to bash the party that did not suggest the tax, but the party that is against it and was headed into a political rant. kichefski@wed.dresser.com wrote: > It's a good thing that this forum hasn't died completely, when > moderation sets in on others. I thought it was just getting good and [quoted text clipped - 7 lines] > > BS...Webmaster SignatureJP/Maryland Studebaker On the Net http://stude.com My Ebay items:http://www.stude.com/EBAY/ 63 R2 4 speed GT Hawk 63 Lark 2 door 62 Lark 2 door 60 Hawk 58 Scotsman 53 Starliner 52 Starliner 51 Commander 39 Coupe Express 39 Coupe Express (body) You mean that you still believe that it is a 2-party system??? lol! I just see one party with 2 major wings to give the people sometthing to argue about and give us the illusion of a choice. Barry'd in Studes(and taxes) > Actually I was glad jumped in. The thread started to bash the party that > did not suggest the tax, but the party that is against it and was headed [quoted text clipped - 27 lines] > 39 Coupe Express > 39 Coupe Express (body) I tol' you a zillion time to move outta hoostin and set up shop about 75 miles to the west. Less 'squiters Less taxes Less peepils Less guv'ment Etc, etc, etc... <sigh> JT > You mean that you still believe that it is a 2-party system??? lol! > I just see one party with 2 major wings to give the people sometthing to [quoted text clipped - 33 lines] >>39 Coupe Express >>39 Coupe Express (body) Are you volunteerin' to help me move? <g> > I tol' you a zillion time to move outta hoostin and set up shop about 75 > miles to the west. [quoted text clipped - 47 lines] > >>39 Coupe Express > >>39 Coupe Express (body) What % are you offering??? <G> JT (Who questions whether enough time infinitum remains) > Are you volunteerin' to help me move? <g> > [quoted text clipped - 49 lines] >>>>39 Coupe Express >>>>39 Coupe Express (body) True.... however, if you sold your Toyota pickup on e-Bay next year and it brought, say $15k, do you want uncle sam making your justify that 'income'? >But to look at it from the other side, if you're selling $100,000 worth of >parts out of your brick & mortar store and having to declare any profits as [quoted text clipped - 13 lines] >>>The IRS became suddenly interested and was supposedly tracking sales... >>>could make an audit very interesting Lee DeLaBarre Daytona62 Well since I have a receipt saying I paid $22,000 for it in 2005 and about another $1000 in maintenance receipts I won't have to worry. I went through a state audit a few months ago, if you have everything that they question there's no problem... other than pulling out a folder with my paperwork and submitting copies the whole process was painless. Now if I had fudged numbers, had no receipts, etc... I'd probably have ulcers by now. Lee > True.... however, if you sold your Toyota pickup on e-Bay next year > and it brought, say $15k, do you want uncle sam making your justify [quoted text clipped - 21 lines] > Lee DeLaBarre > Daytona62 > Would they be so mean as to send an old 67 year old man to jail or just > attach his meager social security. Yes. Paul Johnson > There was a report out years ago about E-Bay and the IRS. Seems some people > have decided to forego their brick and mortar store for the virtual one. [quoted text clipped - 29 lines] > > 39 Coupe Express > > 39 Coupe Express (body) All of you should look to Ron Paul. He is the only presidential candidate who makes sense. He wants to shut down the I.R.S. http://www.ronpaul2008.com/ Robert Kapteyn Very interesting to listen to... recently on Glenn Beck, straightforward kinda guy, hasn't a snowball's chance in purgatory unfortunately... whyzzit however that the for-now leading contender is condemned for having an affair while married when Billy Boy was lauded by Hollywood for wetting his cigars with something other than his own lips? Brooksie On Dec 16, 8:38 pm, "Lee Aanderud" <aande...@alltel.net> wrote: > There was a report out years ago about E-Bay and the IRS. Seems some > people [quoted text clipped - 36 lines] > > 39 Coupe Express > > 39 Coupe Express (body) All of you should look to Ron Paul. He is the only presidential candidate who makes sense. He wants to shut down the I.R.S. http://www.ronpaul2008.com/ Robert Kapteyn >>There was a report out years ago about E-Bay and the IRS. Seems some people >>have decided to forego their brick and mortar store for the virtual one. [quoted text clipped - 35 lines] > http://www.ronpaul2008.com/ > Robert Kapteyn Sorry, but Paul is a fringe libertarian loony. Big talk but no hard solutions. Unfortuately, the whole political line up in '08 looks pretty dismal. JT Ebay may say they are fighting it, but they have already enabled the recording process by offering Ebay reports on your Ebay activities. Jeff "John Poulos" wrote... > The 2008 proposed budget contains a provision that would require ebay > to report to the IRS any seller that does $5000 in gross sales in one [quoted text clipped - 8 lines] > list, or a newspaper ad, they're just providing a venue for the sale > between two parties. SignaturePosted via a free Usenet account from http://www.teranews.com I can see a rash of fake names, false identities, etc coming from this > The 2008 proposed budget contains a provision that would require >ebay to report to the IRS any seller that does $5000 in gross sales in [quoted text clipped - 8 lines] >Crag's list, or a newspaper ad, they're just providing a venue for the >sale between two parties. Lee DeLaBarre Daytona62 Anytime that much money is changing hands, Uncle Sam wants a cut. That's why the IRS hates the barter system. > Anytime that much money is changing hands, Uncle Sam wants a cut. > That's why the IRS hates the barter system. Anytime ANY money changes hands the government thinks it should get a cut, they make the old mobsters charging "protection" money seem generous. Jeff DeWitt > Anytime ANY money changes hands the government thinks it should get a > cut, they make the old mobsters charging "protection" money seem generous. > > Jeff DeWitt Well, as least most of the politicos aren't carrying guns. They are scary, but in a different way. > Anytime ANY money changes hands the government thinks it should get a > cut, they make the old mobsters charging "protection" money seem generous. > > Jeff DeWitt ..Well, as least most of the politicos aren't ...carrying guns. ..They are scary, but in a different way. Oh yeah they have guns - they hire "police" to enforce their theft. And many of then are trying to confiscate all the guns they can from everybody that has them. 'For the children"' doncha know? To allow victims to "feel safer". How about that Supreme court Kelo decision? Government is NOT your friend unless you want more social programs. Mark (getting bitter) Dunning -- Message posted using http://www.talkaboutautos.com/group/alt.autos.studebaker/ More information at http://www.talkaboutautos.com/faq.html >>Anytime ANY money changes hands the government thinks it should get a >>cut, they make the old mobsters charging "protection" money seem [quoted text clipped - 22 lines] > Message posted using http://www.talkaboutautos.com/group/alt.autos.studebaker/ > More information at http://www.talkaboutautos.com/faq.html Exactly Sooner or later, the guv'ment will git their grubby hands on your money. Hopefully, I'll be able to get, er sell my truck prior to then. Did I ever mention that I hate the guv'ment? <G> JT > The 2008 proposed budget contains a provision that would require ebay > to report to the IRS any seller that does $5000 in gross sales in one [quoted text clipped - 8 lines] > Crag's list, or a newspaper ad, they're just providing a venue for the > sale between two parties. |
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