2022 Tax Laws - Will it Impact the Hobby?

[spara50]

2022 brings new reporting rules into effect with the IRS. eBay sellers with over $600 in sales will now be sent a 1099. (it was 200 sales or $20,000) Will we see less items for sale this year on eBay?

PayPal, Venmo, Zelle payments over $600 must be reported. Using the Friends and Family option will bypass this on PayPal if paying someone for marbles in a private transaction.

It will be interesting to see what happens.

[Steph]

Interesting.  I guess I'm not too worried by it.  If I get back to selling on eBay I'll just be happy if I ever get over $600 again in a year.  I did at least once -- had a couple of months of sales in 2016 and the total exceeded that.   But just the sense that eBay keeps changing things ... even if I don't know about recent changes ... drags down my motivation to get back to it.  

 

[Alan]

Hopefully Covid will ease and we can get back to shows.  Ebay and Facebook are poor sisters compared to in-person shows.

[bumblebee]

eBay fees and now much higher shipping costs means I haven't sold in ages. Doubt I will again unless I make some huge score I need to offload.

[Tommy]

1 hour ago, Alan said:

Hopefully Covid will ease and we can get back to shows.  Ebay and Facebook are poor sisters compared to in-person shows.

I agree 100% after going to a show it helps soo much and is great fun..😁