IRS Delays $600 Gig Tax Rule - Page 3

BeastMode27 · 02-01-2023, 09:59 AM

What if you want a 1099, but don’t get one? Sold over 100k and have a detailed spreadsheet with shipping, fees, tax, cost, etc. leading to Net. File with printed off eBay purchase receipts paper clipped to the sale payout sheet. Would like a 1099 to compare overall with one form. Didn’t hit close to 200 transactions.

NYJNYYFan · 02-01-2023, 10:15 AM

For my own record keeping, I have a spreadsheet of every sale, both from boxes I ripped and individual cards I bought/sold. I had 2 questions...

To keep the math simple, say I buy a box of 100 cards for $200. Is each card "worth" $2 and anything over that is profit, or would I be able to say I sold 4 cards for $180 total and show I didn't profit from that?

Would my accountant need to see the whole spreadsheet or just a summary of gross sold -ebay fees - shipping - cost?

BonVoyage · 02-01-2023, 10:49 AM

Quote:

Originally Posted by BeastMode27

What if you want a 1099, but don’t get one? Sold over 100k and have a detailed spreadsheet with shipping, fees, tax, cost, etc. leading to Net. File with printed off eBay purchase receipts paper clipped to the sale payout sheet. Would like a 1099 to compare overall with one form. Didn’t hit close to 200 transactions.

You should be able to get your transactions using the method LetsGoCapitals outlined. It won't be an official 1099 but it'll show you yours sales.

kyle1707 · 02-01-2023, 10:55 AM

Quote:

Originally Posted by wharfrat7624

Your 1099 from eBay broke out your fees and costs?

Sent from my iPhone using Tapatalk

No but eBay does in your seller hub

Info is in the same place

Jsquared123 · 02-01-2023, 11:01 AM

Ebay sends a 1099 details report which itemizes all your transactions, fees, shipping, etc. I'm using the totals from there to report expenses.

panamamyers · 02-01-2023, 11:47 AM

Quote:

Originally Posted by JoshMN

Haha, yes indeed. Probably clenching so tight they are making diamonds.

I think for many they don't actually make any money. If the truth of the matter is that you legitimately do not make money from this hobby then there is really nothing to be worried about. Truth is a powerful thing.

notoriousrmb · 02-01-2023, 11:56 AM

Quote:

Originally Posted by panamamyers

I think for many they don't actually make any money. If the truth of the matter is that you legitimately do not make money from this hobby then there is really nothing to be worried about. Truth is a powerful thing.

As long as you report all sales and legit expenses related directly to those sales, you'd be correct.

wharfrat7624 · 02-01-2023, 03:20 PM

Quote:

Originally Posted by kyle1707

No but eBay does in your seller hub

Info is in the same place

Thank you!

Sent from my iPhone using Tapatalk

02-01-2023, 09:59 AM	#51
BeastMode27 Member Join Date: Apr 2014 Posts: 2,341	What if you want a 1099, but don’t get one? Sold over 100k and have a detailed spreadsheet with shipping, fees, tax, cost, etc. leading to Net. File with printed off eBay purchase receipts paper clipped to the sale payout sheet. Would like a 1099 to compare overall with one form. Didn’t hit close to 200 transactions.

02-01-2023, 10:15 AM	#52
NYJNYYFan Member Join Date: Sep 2020 Posts: 515 njufcfan fcosta87	For my own record keeping, I have a spreadsheet of every sale, both from boxes I ripped and individual cards I bought/sold. I had 2 questions... To keep the math simple, say I buy a box of 100 cards for $200. Is each card "worth" $2 and anything over that is profit, or would I be able to say I sold 4 cards for $180 total and show I didn't profit from that? Would my accountant need to see the whole spreadsheet or just a summary of gross sold -ebay fees - shipping - cost?

02-01-2023, 11:01 AM	#55
Jsquared123 Member Join Date: Nov 2013 Posts: 1,257 Sopranos6666	Ebay sends a 1099 details report which itemizes all your transactions, fees, shipping, etc. I'm using the totals from there to report expenses.