Flat out done selling anything on Ebay or with PayPal

[bobH]

I'm puzzled... Anything I sell, I take a loss on. Be it car, or parts. So, am I supposed to collect/pay tax on something I sell, even though it was taxed when I bought it? For example, I have one vehicle I bought in 2000. I'd like to sell it, and have considered ebay as a means. It was in the 15K range when I bought it, and paid tax on it. It might bring 7 or 8 today. I collect/pay tax on what?
As for 'income', and the IRS, how can it be 'income', when I receive half of what I paid?

[Newc]

Everything I have -I inherited and it was part of an estate settlement and free to me, thus no gain. Period aye?

[richard crow]

just an other blow to the hobby . ebay collects sales tax on the item u buy also on the shipping cost. the hotels near hershey are raising there rates.gas & tolls are going up shipping is going through the roof. paint & resto. stuff has gone up very high i can no longer afford the hobby i am sure i am not alone

[cas3]

Any parts I sell were probably bought 30 years ago. In most cases I would not remember what I payed, but if I payed myself storage and handling fee's It would certainly be a loss. However...uncle sam would want to see a record to prove that

[fordcragar]

There is more reason to sell stuff on the Fordbarn. I remember hearing of county officials selling 2nd Hand Dealers Licenses at Swap meets years ago. It’s all about the money.

[95476]

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I scrapped 1500 bucks worth of brand new John Deere and Case tractor engine parts rather than deal with the tax hassles. I refuse to deal with EPAY or Facebook.
The swap meets are going to be victims of the IRS was well. They were passing out info a while back but have not heard anything about enforcement as of yet.
Someone has to pay for all the freebee's given out.

[J Franklin]

Originally Posted by bobH

I'm puzzled... Anything I sell, I take a loss on. Be it car, or parts. So, am I supposed to collect/pay tax on something I sell, even though it was taxed when I bought it? For example, I have one vehicle I bought in 2000. I'd like to sell it, and have considered ebay as a means. It was in the 15K range when I bought it, and paid tax on it. It might bring 7 or 8 today. I collect/pay tax on what?
As for 'income', and the IRS, how can it be 'income', when I receive half of what I paid?

Think capital LOSS!

[V8COOPMAN]

Originally Posted by Charlie ny

Can't believe what I'm reading.....I'll quote my hero...." most frightening thing you can ever hear, I'm from the gov't and I'm here to help you"
Charlie ny

In The Flesh! DD

[trulyvintage]

Originally Posted by 37 Coupe

Sold an item over the weekend on Ebay and was paid immediately by the buyer,it was over the $600.00 threshold that the IRS wants reported to them. Ebay messages me my payment is frozen and will not go into my account until I send info for IRS form. This is not a scam it is real what is really sad is I was selling some stuff for a buddy of mine who is not on a computer and what you will potentially have to do to show you did not profit. At the end of the year you have to show you did not sell more than $20,000 worth so so much for even listing a car I was going to try to sell this spring.

You can’t have your Cake & Eat It Too …

Sell at swap meets that don’t collect sales tax.

Problem solved.

Folks have gotten so Lazy - they expect to sit in front of a computer
and have a virtual swap meet with few of the costs
associated with vending at a swap meet,

I just drove 1200 miles in two days on two lane roads to pick up
two cars ahead of bad weather rolling in …

I make less than minimum wage transporting vehicles ….


Jim

[Chuck Kuntz]

I was told by a local IRS rep that if I didn't have a receipt for anything I sold It was considered profit. I have been in this hobby for 69 years and sure don't have receipts for much of anything. For example, I have new rod sets that I bought about ten years ago that I have listed. I am losing about $20 a set, not making $295 a set. Let them crack down of the super rich fellows that currently avoid millions in tax every year.

[Tim Ayers]

Originally Posted by Chuck Kuntz

I was told by a local IRS rep that if I didn't have a receipt for anything I sold It was considered profit. I have been in this hobby for 69 years and sure don't have receipts for much of anything. For example, I have new rod sets that I bought about ten years ago that I have listed. I am losing about $20 a set, not making $295 a set. Let them crack down of the super rich fellows that currently avoid millions in tax every year.

Agreed. I believe they are going after the wrong pool of folks. Loopholes for the 1% are causing massive revenue losses, so get it from the poor folks at the bottom.

[Kube]

Originally Posted by bobH

I'm puzzled... Anything I sell, I take a loss on. Be it car, or parts. So, am I supposed to collect/pay tax on something I sell, even though it was taxed when I bought it? For example, I have one vehicle I bought in 2000. I'd like to sell it, and have considered ebay as a means. It was in the 15K range when I bought it, and paid tax on it. It might bring 7 or 8 today. I collect/pay tax on what?
As for 'income', and the IRS, how can it be 'income', when I receive half of what I paid?

You list your related expenses, which include the original cost and this transaction becomes a loss.

[Charlie ny]

The price of 'PORK' continues to go up.
Charlie ny

[ct1932ford]

No Country For Old Men The way were going , or anyone else for that matter!

[oldcars]

Google 1099-k. That will give you more information on this.

[Holeshot]

Step out of line, the men come and take you away.

[Charlie Stephens]

I hope they just plan on analyzing the data with a computer to look for the people that make a business of selling on EBAY. It is important to remember that there is a lot more than cars and parts on EBAY. Now let me think, where did I put the receipt for the bracket I bought in 1962?

Charlie Stephens

[mhsprecher]

It's a nuisance, for sure, and impacts many of us. I got a 1099 from PayPal and I sold a bunch of stuff for my ex-wife, my sister, and for other friends. I will get one from Ebay, I assume, and Facebook. Some of that stuff may be counted twice, as the transactions were through PayPal.

The likelihood of the IRS coming after any one of us for $1,000 in parts we sold is slim to none. Complete your tax return, estimate the costs and forget about it. Craigslist isn't as good as it once was, but still works sometimes for face-to-face transactions.

Zelle was mentioned. I have not used that, but I use Venmo all the time for a variety of transactions.

[Kube]

I wonder if the USA would be a better place if ALL folks simply paid their share of taxes?
I am not arguing the amount of taxes we pay but rather the inequities of who pays. Whether that be via laws passed to favor the wealthy, or folks that see cheating and believing that to be an acceptable practice.
Cheat on your taxes and you'll likely cheat on your wife and friends.

[deuce_roadster]

I'm with you Mike.