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Ebay - buyers no longer get feedback?

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SavannahLion:

--- Quote from: pinballjim on August 20, 2008, 09:32:19 am ---The IRS just passed some new regulations saying that companies had to report individuals that conducted more than 200 private party credit card transactions.

The days of E-bay being the '#2 employer in the United States' (heck, they may be #1 by now) are numbered now that the IRS wants their slice of all that off the books income.
--- End quote ---

Um... The IRS was always involved. Legally speaking all persons are required to report any income earned, regardless of source (exceptions always exist to any rule, eBay is not one of them). The problem here is the sheer volume of sellers involved, location of these sellers (anyone in the UK?) and the IRS lack of ability to reliably track these sales. That is why the IRS is forcing companies to report individuals with more than 200 credit card transactions. It's not some new law that's suddenly kicking in, it's a modification to an existing set of laws to force sellers (and to some extent) buyers to pay up and pay their share to Uncle Sam. Something they're supposed to be doing anyways.

Technically speaking, even garage sales are reportable.  :dunno

I don't necessarily agree with how much the government taxes us and how they tax. By my calculations, I lose a little over a third of my paycheck to some kind of tax or forced dues before I ever get my money. Then I get taxed to death at 8% on all my purchases. Then there's a pile of hidden taxes that chew away at my money. Look at your itemized phone bill lately? Mine actually has a line, "misc taxes."  :censored: ---punks---.

SavannahLion:

--- Quote from: pinballjim on August 20, 2008, 02:13:21 pm ---
--- Quote from: SavannahLion on August 20, 2008, 01:15:26 pm ---Technically speaking, even garage sales are reportable.  :dunno

--- End quote ---
Not unless you sell the items for more than you paid for them.  At that point, you're no longer a garage sale and you're a business.  You already paid income tax on the money the first time you had it.

--- End quote ---

Nice of you to nitpick. My point still stands however.


--- Quote ---The IRS thing will be have a major impact on E-bay, IMO.  Regardless of what people are SUPPOSED to be doing, they aren't. 
--- End quote ---

What percentage of eBay sellers/buyers are doing more than 200 CC transactions a year? The worst I expect to happen would be a slight reduction in the number of so-called Power Sellers (or whatever eBay calls them now) and a big increase in sellers handing all or at least part of the taxes off to the buyer.

In any case, I tracked down the bill and took a peek at it. Looks interesting, but my initial impression seems to be more than a simple taxing. My first impression seems to be that they're looking for money launderers as well?

Fixed broken tags

ChadTower:

Doesn't matter what percentage of users are doing that much business... the people doing that much business are the ones bringing in the most revenue and thus generating the largest tax liabilities.  Ebay may be 85% little fish but the big fish are the ones making all the money.

ChadTower:

--- Quote from: pinballjim on August 20, 2008, 04:34:34 pm ---I'm sure all of us have met people that go around buying up stuff solely to resell it on e-bay.  I doubt, highly, that most of these people are paying taxes on this income.  If e-bay starts turning over transaction records to the IRS, these people are going to lose their margin and will find other ways to make money. 

--- End quote ---


And those people are going to lose their homes when the IRS eventually goes through historical records and computes back liabilities.

shardian:

--- Quote from: pinballjim on August 20, 2008, 04:47:42 pm ---I wanna know how much Use Tax SavannahLion has paid his state government to cover all that crap he's bought over the internet from out of state.

 ;D



--- End quote ---

I saw that extra screen when doing my taxes this past spring. I laughed ---my bottom--- off real good on that one. I also noted that it was stated to be 'voluntary'.  :laugh2:

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