Ebay and Paypal

[Jimmy G.]

Just read today on Fox Business.com that the IRS has delayed the tax reporting of Venmo and Paypal payments over $600. 2023 will be treated as a transition year which means a $20K limit, or 200 transactions. 2024 the limit will be $5000. Hope this info is correct !!! Helps selling NOS parts I have been reluctant to sell on EBAY.

[Edward C.]

Re: Ebay and Paypal

Just read today on Fox Business.com that the IRS has delayed the tax reporting of Venmo and Paypal payments over $600. 2023 will be treated as a transition year which means a $20K limit, or 200 transactions. 2024 the limit will be $5000. Hope this info is correct !!! Helps selling NOS parts I have been reluctant to sell on EBAY.

[Dave S.]

Re: Ebay and Paypal

[QUOTE=Jimmy Gregg (2756);941129]

[Edward C.]

[Jimmy G.]

Re: Ebay and Paypal

So you will still have to pay state tax ?? The IRS will not require PayPal to issue a 1099 So I guess MA still requires it. That is why I live in SC. Don't really like Ebay but it is an outlet for old parts

[Dave S.]

Re: Ebay and Paypal

[QUOTE=Jimmy Gregg (2756);941222]So you will still have to pay state tax ?? The IRS will not require PayPal to issue a 1099 So I guess MA still requires it. That is why I live in SC. Don't really like Ebay but it is an outlet for old parts[/QUOTe

Jimmy,

Massachusetts and Vermont were the first to require EBay to issue a 1099 about 4 years ago for sales ver $600. They still do it. Other states have followed.
I’ll leave it at that. I should have moved out of here a long time ago. There are lots of states much more favorable than here.

[Mike D.]

Re: Ebay and Paypal

1099 was supposed to be an income statement, ebay made it a sales statement. That statement doesn't take into account ebay commissions, cost of goods, etc.