Winter 2022 Seller Updates on running your business on eBay. Given that many other online retailers offer free shipping with memberships. Now, even a single sale over $600 - the new reporting threshold - could land you with a burdensome 1099-K tax form. My reward- an idiot who decided to place an ebay return claim against me and most likely ( according to what I have been hearing ) will win. The IRS requires eBay to withhold 24% tax on payments eBay makes if: 1. What? However, there is a way around this unfortunate fact. This includes shipping costs, credits, cash equivalents, discount amounts, fees paid to eBay, and refunded amounts. Some states have lower reporting thresholds than the IRS. store now. Yeah, maybe I should have said, most of the time instead of always. For example, if you received payments in 2022, your Form 1099-K will be issued by January 31, 2023. Learn more about our data security in ourSecurity Center. This process is so simple in fact that a number of cell phone applications have been created for it that allow you to create listings even when you dont have an internet connection and then simply submit them once you find a Wi-Fi hotspot. Currently, if you are a resident of California, Vermont, and Maine and you are subject to Federal backup withholding, you will also be subject to State backup withholding on the sale of goods. Sales in 2022 were not affected because the IRS provided a one-year delay in the implementation of the $600 threshold. We had to take our PLs (promoted listings standard) to 10-12% to get any traction at all/any sales. If you dont provide us with your TIN, your payouts will be put on hold, your ability to list and sell on eBay may be restricted, and we may withhold your payment. Do some research on your compilation. Your glass half full is too kind for eBay. Federal backup withholding is shown on box 4. this is ion addition to them having COMPLETE control over the bank acct. Now, they got so big that they dont care anymore. Listings Not Optimized. There is no such thing as a free lunch. Now its all about the stores. No one is going to give ebay your birthdate and bank info just to sell parttime. I sell high value items, I dont mess around with items that cost $100 or less. I searched for turquoise nugget and in the first few pages I found more than 10 Chinese sellers that are using the exact same stock photo of a turquoise nugget. This is directly due to the Nash Equilibrium, a famous theory postulated and proved by the mathematician John Nash Jr. Did a search for if ebay is worth it, stumbled across this article and thread, and glad I did. You still have to pay taxes on profits, if you are professional seller. You dont want to miss out on an opportunity just because it didnt work out for other people. maybe the boyfriend has an idea but it doesnt sound like he was an actual seller. In addition to this, that 12.3% is charged on the total value of the sale, which includes the sales tax. I got 11 of these in a year due to their server problems. to get listings at the top of search results. I have built my Ecommerce Brands to over 7 Figures in revenues, and my aim with this channel is to try and shorten the learning curve for anyone out there that wants to start doing Ecommerce or dropshipping, I make videos on various E Commerce related topics to help you make money and live your dream life.On this channel I talk about various topics about making money online line the best selling items on ebay or simple ebay beginner tips. It becomes a stealer yes .it charges 24.02% from the paid price ( selling price plus shipping) . By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. Top 10 proven ways to increase your eBay sales in 2022 Watch on 1. I had a dispute with Ebay over listing fees so I left Ebay. Wireless chargers are top selling items on eBay as well as trending tech products in general. Best of luck to you in your continued ventures. You need to know what your item typically sells for on the platform. Really, nothing works and literally I have no other choice. I am thinking dropping out Ebay completely. Dear God, same here absolutely avoiding ebay selling now. eBay applies throughout the year, and will still block the gross payout for transactions that have not had backup withholding. How and where you enter your business or personal name on a W-9 depends on the type of business youve set up. Sellers can check the All Transactions page within Payments on My eBay and Seller Hub to see which transactions had tax withheld and the total tax amount. (My Honest Experience) Success With Sam 142K subscribers Subscribe 12K views 1 year ago #eBayReselling Is selling on eBay dead in 2022, this is my honest. Whether the pros outweigh the cons will depend entirely on what you decide. Solved: Almost not Selling Anything Since a month- Septemb. Starting on January 1, 2023, eBay and other marketplaces are required by the IRS to issue a Form 1099-K for all sellers whose sales exceed $600. The competition is unreal. It's not just you. You need to research. Enter your legal name on line 1 and enter either your SSN or ITIN. One day we sold nothing all day then in the space of one hour we sold 20 items then it stopped and we sold nothing for days, it is called throtteling that eBay will say they do not do, but they do, they like to give other sellers a chance, even if they are selling inferior products at a more expensive rate, ebay say they do noy do it, but they . The buyer fraud is now rampant but a carefully guarded topic by eBay. At the same I noticed a lot of other small time sellers packing their bags as well, partly due to so many other better auction sites like eBay. This is done by finding unique items that people want to buy of which there are very few listed on the site. 117 Ways to Make Money During Coronavirus, In the market for a new refrigerator? they dont treat one very good either. Eventually, it got harder and harder to sell things on eBay. Folks, privacy is gone on EBAY. Yeah I Think Ho Ho Ho, Is Looking More Like Bah Humbug! I Think EVERYONE should just STOP the pay to play & Let's see what happens!! Now, this is a big problem one that Ebay is still denying but the truth is available for anyone to see. like I m selling the bag for 30$ like the third . Anti normal seller practises like reduced visibility. After 40+ years of owning a wholesale golf distributor business, and understanding margins required to succeed, my conclusion is eBay is doing quite well at the expense of sellers. Now that its impossible to get retail price for practically anything, and postage has gone up, and fees on postage have gone up, and PayPal stopped refunding fees on cancellations, and forced auto-relist fees are looming behind every increasingly-rarer free listing promotion, and Mangled Payments with its per listing fees is closing in, its difficult to get even half what I paid for anything so I can get the heck out. 21 stickers in august and 9 so far in September. In 2023, for calendar year 2022, we will send you a Form 1099-K if: 1) you sell more than $20,000 and 200 transactions, 2) you did not give us your SSN, ITIN, or EIN and we withheld on your payments or your payments were subject to withholding, even if you did not have available funds to cover your withholding tax, or 3) you reside in a state that has a lower reporting threshold than the Federal reporting threshold for 2022 and have met that threshold. For more information,contact us. 1) Take Better Pictures Is it possible your pictures aren't up to par? Ive been selling on eBay for two years now. When this began to happen in Sept of 2015, like I said I would just refund, never thinking there would be a problem. Lee is correct. d. I paid following Once eBay issues a Form 1099-K, and you file your income tax return, you can either claim the amounts eBay withheld as credit towards your income tax liability or you can get a refund from the IRS. I think as the pandemic continues to screw the world up you're best off selling items that are necessities on Ebay. If you bake in shipping it takes away from your profits. I used to sell a lot of vintage toys, blue-rays, etc. I opened my ebay stores in 2013 and have been having great sales until the last 2 1/2 years. The following is for educational purposes only. Stuff Not Selling on eBay? In the end I actually paid 13.7% on my most recent sale. there has not been a bad year like this since the pandemic happened, not 100% of buyers have a stable job and income at the moment, so the decrease in the number of buyers is obvious,you should calm down and learn about the current market more. As long as there are no other pending account issues, eBay will initiate your payout automatically on the same day as withholding. So I, downgraded to a Basic Store, then it went the same way with paying for a Basic, now I'm down to starter. So many times, I would have someone buy things from California. I don't itemize my taxes. It first started with the loss of the ability to list new items in the effected categories, and then sellers' views, watchers, and sales all jumped off the cliff. If your total sales for the calendar year 2022 exceed $20,000 and 200 transactions, you will receive a Form 1099-K in the mail by January 31, 2023. Sadly that has changed, with what is going on now, I can no longer sell on the platform, mostly because of the third party payment management financial product that is located in Amsterdam. It all comes down to every sellers unique situation (where they get their products from, how much it costs them, how much profit can they make after all the fees, etc), which is why at the end of the article I mentioned that its best to do your own investigation and base that decision on whether or not you can make a profit on eBay. Your reply is not helpfulit's just plain rude. Please consult a tax professional with any questions regarding your income tax return or amounts subject to income tax. like being subjected to TV commercials every hour one day a week, no thanks. Recent statistics (July 2022) show that eBay is the second most visited eCommerce website worldwide, with 590 million visits. Good luck! (and many are going under water even with just the bills) biden throws 87,000 IRS agents onto small businesses so that makes them less inclined to do business. I have been on ebay since 2000 also. Ebay, like so many other companies took the shareholder plan. thats a BIG ADVANTAGE! In other words, I believe those who help ebay the most get the highest rankings in search. These fees, of course, can be avoided by setting up your own website, however, a clever eBay vendor can find ways to avoid, minimize, or even use these fees to their own advantage. It was a small sellers venue. Nowadays (3/2020) it is a visibility issue. It is ebid. The law applies to all sellers unless you provide a valid Form W-8 series and you are not: 1) a US citizen, 2) a legal resident alien, or 3) an entity organized under the laws of the US. We were where you are, about 45-60 days ago. Ive spoken with eBay customer support MANY times. When I had my distributor account, 20% was the best margin that I could expect. Ebay seller here. What happened? I wonder how many people actually make a profit worth the effort they put into sales. 346 eBay will require sellers to provide their full social security numbers for 2022 activity. Or is it just me? If you havent received a First B Notice in the mail, or if you need to verify and update the information in your account, you can fill out an electronic Form W-9.
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