Ebay help needed

Kermit · 06-08-13, 11:36 AM

Well if you do over 200 transactions and take in $20,000 a year, you are considered a Legit business and will be reported to the IRS by Ebay and Paypal. One way or the other, someone is getting reported.

Kermit · 06-08-13, 11:38 AM

What exactly are you trying to do again? You buy and someone else resells?

Mikail · 06-08-13, 11:45 AM

Hehehe I know what this is.

stikymess · 06-08-13, 12:07 PM

Originally posted by Kermit

Well if you do over 200 transactions and take in $20,000 a year, you are considered a Legit business and will be reported to the IRS by Ebay and Paypal. One way or the other, someone is getting reported.

Jesus Kermit knows a little bit about everything, dude might be dangerous.

no1here · 06-08-13, 03:57 PM

this is great info to me thanks. Is this posted somewhere at ebay? partner will cost me 50%, maybe I should use ebay drop off center for around 35%. Thing is I want control of shipping charges keeping them cheap or free besides I demand great photos.

From trial runs it takes me roughly 6 hours daily to buy up wheaties costing $200 daily that can be resold for at least $600 profit daily. Two days ago I spent $215 worth at least 1K back by breaking rolls down. One listings I bid max of $151 coasting $68 and another $251 costing $78.

One listing was 13 Rolls (50 per roll) Lincoln Wheat Pennies 1910, 1916, 1919-(2 rolls), 1920-(2 rolls) 1924, 1925-(3 rolls) 1926-(2 rolls) and 1930. These were in a collection my father had. He rolled and graded these. Has them marked circulated. I'm not and can't be sure of what he said the grades are. Please see picture.

and the other was 24 rolls (50 per roll) Lincoln Wheat Pennies from the '50s. 4 rolls of 1953 D, 2 rolls of 1954, 3 rolls of 1954 D, 11 rolls of 1955 and 4 rolls of 1959. These are from my father's collection. He hand rolled these after first wrapping the roll in aluminum foil. He has them all marked as uncirculated. There is also a grade listed as 63.

These were purchase from a rookie lister and time spent buying is combined with poker.

Anybody else playing with pennies on here, one would be amazed at what they can bring. I also buy alot of coins from two local online auctions and want to sell coins back at them also. I buy antiques and collectibles also bidding on a human skull last month but didn't win it and currently a civil war cannon with balls. Recently bought dishes for $233 selling for $1500 and sink for $600 selling for $1700. 20K is an understatement! Investment money has been coming from my plants currently getting as much as 6 ounces each. Thing of beauty it is.

Originally posted by Kermit

Well if you do over 200 transactions and take in $20,000 a year, you are considered a Legit business and will be reported to the IRS by Ebay and Paypal. One way or the other, someone is getting reported.

Kermit · 06-08-13, 04:07 PM

Old Marbles can also bring in a ton of money. A lot of people don't know that.

daneblazer · 06-08-13, 04:10 PM

Security Measure | eBay

http://ocsnext.ebay.com/ocs/sc

Type in "tax". There's no way around it. I suppose you could set up two accounts and have an amazon account but what you're doing would still be over 40k and a pain in the ass. Staying under one account builds your rating anyways. I just looked up wheat pennies on amazon and there's people selling them for .01

. Prob just shipping them media mail and making $1 on the shipping.

--------------------------------------
1099-K is a tax form that payment services like PayPal are now required to submit to the Internal Revenue Service (IRS). This affects high-volume sellers on eBay.

If you received Form 1099-K, it means that your sales exceed both of these levels in a calendar year:

$20,000 USD in gross payment volume from sales of goods or services in a single year
200 payments for goods or services in the same year

PayPal will ask you to update your account(s) by providing a tax ID number, if you don't already have one on file.

Kermit · 06-08-13, 04:14 PM

The fukked up thing is that if you do 100 transactions and $100,000, you don't have to file because you are not considered a business.

TheMoneyShot · 06-08-13, 07:28 PM

Originally posted by daneblazer

http://ocsnext.ebay.com/ocs/sc

Type in "tax". There's no way around it. I suppose you could set up two accounts and have an amazon account but what you're doing would still be over 40k and a pain in the ass. Staying under one account builds your rating anyways. I just looked up wheat pennies on amazon and there's people selling them for .01

. Prob just shipping them media mail and making $1 on the shipping.

--------------------------------------
1099-K is a tax form that payment services like PayPal are now required to submit to the Internal Revenue Service (IRS). This affects high-volume sellers on eBay.

If you received Form 1099-K, it means that your sales exceed both of these levels in a calendar year:

$20,000 USD in gross payment volume from sales of goods or services in a single year
200 payments for goods or services in the same year

PayPal will ask you to update your account(s) by providing a tax ID number, if you don't already have one on file.

This.

And...

This happened to my buddy. He refused to give his SS number and ebay shut him down. He then did the next best thing... had his wife make an account. Business as usual.

Kermit · 06-08-13, 07:42 PM

Originally posted by TheMoneyShot

This.

And...

This happened to my buddy. He refused to give his SS number and ebay shut him down. He then did the next best thing... had his wife make an account. Business as usual.

That is what my wife and I do.

pronk · 06-08-13, 10:00 PM

Thank you no one for wake up call, my antiques are begging to be sold. I'm calling Christie's on monday and if I'm lucky I will make at least 25k (could go as high as 45) from 1 flip.

no1here · 06-09-13, 09:38 AM

Thanks guys, this is exactly the info that I needed. Multible accounts appears to be the way to go and should be no problem.

paultim374 · 06-13-13, 05:57 AM

The other was 24 rolls (50 per roll) Lincoln Wheat Pennies from the '50s. 4 rolls of 1953 D, 2 rolls of 1954, 3 rolls of 1954 D, 11 rolls of 1955 and 4 rolls of 1959. These are from my father's collection. He hand rolled these after first wrapping the roll in aluminum foil. He has them all marked as uncirculated. There is also a grade listed as 63.

----------------------------------------------------
Usman Malik

Let's Go Rangers · 06-13-13, 06:01 AM

Originally posted by stikymess

Jesus Kermit knows a little bit about everything, dude might be dangerous.

Its not easy being green

Boner_18 · 06-13-13, 05:56 PM

If you are truly making that much why don't you just file as a sole proprietor and create the corresponding deductions. Being a small business is a license to deduct everything.

no1here · 06-14-13, 07:59 AM

Potential is there as shown in trial runs. Above shown purchase is good for way over a grand. 37 rolls purchased above are well worth $1 for each penny when listed separate. Still takes labor with about six hours daily on my part. Once I find a partner willing to work six hours disposing them I am positive of $400 daily profit. Most coins will be mailed directly to partner needing sorting and carding besides listing and mailing. Already stated no problem operating as business but can't be in my name and health prevents me from handling in whole. (People more likely to buy from business.)

Problem that I see is that most would want to list from stock photo simply hitting the relist button and I want each coin carded with WRITING that I feel is advertisement space. This is very debatable even in my head as maybe only speed things up and not worth the extra work meaning the pennies will sell either way. Almost all of the uncirulated ones showned above can be listed for $3. each. Auction no.350802387759 is a good example of using card space bringing a very high price. Auction #390597893710 shows high price for 1955 and I have 11 rolls of them. Even the uncirulated ones need to be sorted as scratches and marks are found. Started sorting last night and find 3 piles. Of the seven coins carded so far one is marked, four are close to perfect but not and two are perfect so I would list @ $1, $2.50 & $3.95 maybe. When grading older coins I find six piles using an old printers drawer that works perfect.

Not actively seeking a partner becaused I'm not ready until cotttage restoration is done in a week or two. Plants are bringing 3-4 ounces each right now funding me but plan on spending alot tomorrow for civil war cannon and balls. Won't be long before finding ourselves stocked with most years with hundreds of listings as long as partner is willing to re-invest at beginning. I have been buying pennies for the last year from the local auction houses that I deal with besides saving them all of my life somewhat. I have alot of rolls that I bought from my dad eons ago. My dad always cashed his paycheck in coins bringing them home and sorting them. He stocked up huge in silver besides wheaties. He still has cigar box full of misprints that I want to get my hands on. Big mistake in my life was stealing a hundred silver certificates from him that were new in sequence. The coin store only paid me about 10% over face value for them and I fed that to the horses.

Smoke · 06-14-13, 08:18 AM

Frogs are pretty smart

swaindexter · 06-22-13, 05:12 PM

Bad news dude. EVERYONE gets a 1099 at the end of the year from EBay and a copy goes to the FEDS. ALL monies taken in on EBay are taxable income.

Kermit · 06-22-13, 05:41 PM

Originally posted by swaindexter

Bad news dude. EVERYONE gets a 1099 at the end of the year from EBay and a copy goes to the FEDS. ALL monies taken in on EBay are taxable income.

I have been selling things on Ebay for 13 years and never got a 1099 forum.