Does anyone use Poshmark?
- Thread starter kenzibray
- Start date
TPF may earn a commission from merchant affiliate
links, including eBay, Amazon, and others
$600 gross sales in a calendar year - once you sell for $600 (could be one item, could be multiple totaling $600), they will require your SSN. You will get 1099K form at the end of the year and have to report the sales on your tax return and pay taxes on your profits (if any). The threshold will most likely be increased if the new legistlation will go into effect (might be increased to $5000). But there are also state reporting requirements which could be lower than the proposed new threshold of $5000.
I don't blame you. I've been told never to give anyone online a photo of my license or passport, there are other ways to verify IDs..
If I was selling I'd be ok with my ss# but Poshmark has had so many problems. They finally hired a third party to handle this stuff.
I quit ebay because they went in after a sale and took a dollar out of my account for shipping. apparently it was the PO who caused it but it made me uncomfortable. I was told I couldn't just stop being a seller. I had to kill the account all-together (and it took weeks to happen). CS said I could re-open it but someone here said you can't open a new account with the same email. so for now, I can only buy on ebay as a guest paying FP.
I only went on there to sell some vintage Levis....don't mind not being able to sell there now but I do kinda mind not being able to bid on or make offers on stuff
Actually it is $5000 for 2024, then will drop to $600 next year unless something changes. It isn't a law; just an IRS regulation. Do you know about any legislation that affects this?
IRS announces 2023 Form 1099-K reporting threshold delay for third party platform payments; plans for a $5,000 threshold in 2024 to phase in implementation | Internal Revenue Service
FS-2023-27, Nov. 2023 — Following feedback from taxpayers, tax professionals, and payment processors and to reduce taxpayer confusion, the Internal Revenue Service delayed the new $600 Form 1099-K reporting threshold requirement for third party payment organizations for tax year 2023 and is...
Check this link - here is the full information on the requirements. It was a part of CARES act in 2020/2021.
I've seen that. You mentioned something about "new legislation." I wondered if you had any information about that.IRS announces 2023 Form 1099-K reporting threshold delay for third party platform payments; plans for a $5,000 threshold in 2024 to phase in implementation | Internal Revenue Service
FS-2023-27, Nov. 2023 — Following feedback from taxpayers, tax professionals, and payment processors and to reduce taxpayer confusion, the Internal Revenue Service delayed the new $600 Form 1099-K reporting threshold requirement for third party payment organizations for tax year 2023 and is...www.irs.gov
Check this link - here is the full information on the requirements. It was a part of CARES act in 2020/2021.
Yes, if it passes, the threshold will increase to $5000. The best source of detail is to google the official sources, not tPF experts
just sayingAnyone else having Mercari problems? Submit return button not working on app or on desktop. Also unable to find link to email customer service. They keep changing their return policy and I don't want this item since the color is off. How do you contact someone at Mercari and file a return request.
I just bought a Gucci horsebit 1955 crossbody bag from Poshmark. The seller described it as ‘gently used’. When I got it on Saturday I accepted it. On Monday I was going to use it and noticed it has a really bad smell inside. I have tried 3 times to contact Poshmark to request to return this and have not yet gotten a response. I stupidly accepted it before I took the time to look closely at the item. If I ever buy anything again from them I will never accept it prior to the 3 days. This is so frustrating. Buying designer handbags should be fun not stressful!
I would think once you accept the bag you don't have any recourse except to ask the seller if she will voluntarily take it back. What is the really bad smell? possibly you can air it out or do some other things that have been recommended here?