Anyone Ever Buy and/or Sell on Tradesy?
- Thread starter iluvmybags
- Start date
I was told by tradesy the offer function is no longer available
Anyone still sees that?
I can't find it on the Tradesy site either, but I have asked PayPal about this and they said it is $20,000 per year. I also asked our accountant about this last year because my husband was wondering if we should declare Tradesy sales on our taxes. Our accountant said no, that it was a hobby and not a business for me, and that if I was selling mostly from my own collection and therefore "selling at a loss" those do not qualify. Though he did say that if you sell your own collection (even at a loss) as part of a selling business, then you should include those sales in your tax filing but also include the depreciation of your handbags (or whatever you are selling) in your filing. However, I would wait for professional sellers to chime in with their expertise!
I've also seen that it is $20,000 and 200 transactions. I don't have anywhere near 209 transactions. I'm just really wanting to know if Tradsey or Stipe will automatically report to the IRS.
I thought I saw something on Tradsey before too, like $60,000 and x amount of transactions
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I found this online:
Every year, the United States IRS requires that Stripe provide a form called a 1099-K for each Stripe account that meets all of the following criteria in the previous calendar year:
Account is based in the United States (Owners do not need to be US citizens.)
AND
More than $20,000 USD in total gross volume
AND
More than 200 charges
Does the 200 charges mean payouts through stripe or 200 sales through Tradsey?
Every year, the United States IRS requires that Stripe provide a form called a 1099-K for each Stripe account that meets all of the following criteria in the previous calendar year:
Account is based in the United States (Owners do not need to be US citizens.)
AND
More than $20,000 USD in total gross volume
AND
More than 200 charges
Does the 200 charges mean payouts through stripe or 200 sales through Tradsey?
So the $20,000/200# may be the criteria across the board. I'm not positive for Tradesy, but for PayPal it was 200 payouts, not 200 transactions.
I have just noticed that Tradesy shows that a seller lowered their original asking price by saying original listing price.
I've called Tradesy about this more then once and it is indeed 200 payouts. so you could have 1000 items sold but only "withdraw" from your tradesy account 199 times and there wont be anything reported.
That's good to know. If I make sales within a few days of each other, I usually wait until the money is released for all before I withdraw. I withdraw to my Paypal account which I also use for ebay sales. I've never gotten close to 200 transactions on Paypal but I guess I should keep an eye on it.
So even if you surpass $20,000 but still have less than 200 payouts you're safe?
Yes. I sold about a dozen of my preloved chanel bags and went pretty over the 20k limit and was insured it has to 200 "withdrawals" from my tradesy account
I thought on Paypal it was
More than $20,000 USD in total gross volume
OR
More than 200 charges
So if you do either, it gets reported to the IRS.
No, I called Paypal about this, with in a calendar year, $20,000.00 AND 200 transactions. I did well over that last year but not the transactions, and no 1099 from pp or Tradesy.