E-bay sales are now income.

[FrancSevin]

I just solda 2005 Jeep thatIboughtfor $6 grand and put $6 jore ito it. Sold it for $8 grand . But somehow that is now "income."

Yes, the IRS requires a 1099 on any sales of $600 .00 or more.

So if I sell my Crossfire that cost me $21K 12 years ago, for say $8,000 today, that eight grand is income?

Perhaps I misunderstand but Ebay and Paypal will not release the payment funds unless I fill out the 1099.

Me thinks the IRS has become a bit too aggressive in watching my money.

 

[tiredretired]

Nope, I sold my Crossfire for less than I paid for it in 2010 by about 7 grand. That is a loss in my book. I have just two words for the IRS, the first word begins with "F" and the second word is "YOU".

 

[Doc]

FB market place will help you sell and no 1099 needed. F ebay and paypal..

 

[FrancSevin]

FB market place will help you sell and no 1099 needed. F ebay and paypal..

I don't do face book.

And

I'll bet that changes soon