Yes I know but it's your "total" sales since selling on Tradsey not a total for this year.
Anyone Ever Buy and/or Sell on Tradesy?
- Thread starter iluvmybags
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Yes I know but it's your "total" sales since selling on Tradsey not a total for this year.
They aren't bothering to update tracking and it's frustrating that I have to constantly contact them to get them to fix tracking issues! This time it isn't wrong tracking number. They just refuse to show it was dropped at post office yesterday afternoon.
I've actually been recording down the sales I've made each year (easier on the tax guy, whether or not it's relevant to our taxes, I don't know, but I feel better just giving him everything), starting with the first year. So I just needed to subtract the current number to what I wrote down last year. I thought they had done away with the total number so I would have to go through each sale and calculate it like so for this year.
That's terrible. Maybe the post office didn't scan it yet? Mine doesn't scan when you drop it off although it is supposed to get scanned later in the day. Yesterday I had a package picked up and less than an hour after that I got an email from Tradesy saying thank you for shipping so quickly, so obviously my carrier did his job and scanned it.
I always record everything. I know exactly how much I've made every year since I started selling on ebay many years ago. If you are reporting it to your accountant, you need to include your fees, costs for supplies and postage, and the initial cost of the items sold.
I do my own taxes. I initially started doing it because I got a free program and thought it might be fun to see if I came up with the same results as the accountant. It turned out I discovered 3 errors my accountant had made! She didn't even apologize or credit my bill, just changed the tax return. After that I decided I'd rather be in control. Once I started doing that I realized I had wasted a lot of time gathering information for the accountant that they didn't even use.
No, it is not the post office's fault. It is Tradesy's fault. Post office scanned it three times and Tradesy still did not update from 4 pm yesterday to today (11:42 am right now). I chatted with them and they acknowledge it is their problem. They say they noted it previously, but don't know when it will be fixed. I really hope I don't have to keep chatting or calling to get them to update tracking!
Yes, it should be included as long as you have record of these expenses. No record - no expenses. But even if you don't collect receipts it's quite easy to pull it off online with many banks and PayPal.
I make formula for each bag (price + tax + shipping + duties + repair + price of acquiring of missing accessories + Tradesy fees + Tradesy shipping + interest if you used cc or payment plan to purchase the bag), choose whatever is applicable.
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It's the IRS who sets and enforces the rules and if you prefer to trust Tradesy's customer service rep over the IRS's own website and tax code, be my guest.
I'm not claiming to know tax law but I've posted a link to the IRS and its codes. If you've ever been audited, you'll know you don't want to screw with them even if it's a honest mistake on your part.
I'm only trying to help you prevent an audit and/or raising red flags on your tax return. Take it or leave it.
Not to beat a dead horse but my purpose is to offer help. Again, take or leave it. Note that it refers to PAYMENTS and not transfers or withdrawals.
But here's a more understandable explanation of how the ruling works.
https://cms.paypal.com/us/cgi-bin/marketingweb?cmd=_render-content&content_ID=marketing_us/IRS6050W
Internal Revenue Code (IRC) Section 6050W states that all US payment processors, including PayPal, are required by the Internal Revenue Service (IRS) to provide information to the IRS about certain customers who receive payments for the sale of goods or services through PayPal. PayPal is required to report gross payments received for sellers who receive over $20,000 in gross payment volume AND over 200 separate payments in a calendar year. In order to help you understand these changes, we have prepared the following FAQs.
What is Internal Revenue Code (IRC) Section 6050W?
Under the legislation, we'll report to the IRS the total payment volume received by US account holders whose payments exceed both of these levels in a calendar year:
But here's a more understandable explanation of how the ruling works.
https://cms.paypal.com/us/cgi-bin/marketingweb?cmd=_render-content&content_ID=marketing_us/IRS6050W
Internal Revenue Code (IRC) Section 6050W states that all US payment processors, including PayPal, are required by the Internal Revenue Service (IRS) to provide information to the IRS about certain customers who receive payments for the sale of goods or services through PayPal. PayPal is required to report gross payments received for sellers who receive over $20,000 in gross payment volume AND over 200 separate payments in a calendar year. In order to help you understand these changes, we have prepared the following FAQs.
What is Internal Revenue Code (IRC) Section 6050W?
Under the legislation, we'll report to the IRS the total payment volume received by US account holders whose payments exceed both of these levels in a calendar year:
- US$20,000 in gross payment volume from sales of goods or services in a single year
- 200 separate payments for goods or services in the same year
Payout is when you withdraw the money, payment is from each individual transaction. Some people thought that if you made several sales and withdrew the money for them in one transaction, it would only count as one payment per the IRS. Apparently that isn't the case. Each sale counts as a payment.
Payout would be a withdrawal.
Payment is what you receive in your account when someone buys and pays for an item.
It sounds like others are interpreting that if you don't withdraw the money received for your sales (i.e., don't take a payout), you don't have to report it. But that's not correct.
If this is the case, there are going to be some surprised sellers in the future.