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Ebay Sellers income tax reporting delayed
Posted: Wed Nov 22, 2023 12:43 pm
by fmblizz
Great news for Ebay sellers as well as any other third-party sellers
Also the threshold will shift from $600 to $5000 ...
https://www.irs.gov/newsroom/irs-announ ... CsAi0uTlIk
blizz
Re: Ebay Sellers income tax reporting delayed
Posted: Thu Nov 23, 2023 12:50 pm
by Curt A
Re: Ebay Sellers income tax reporting delayed
Posted: Thu Nov 23, 2023 2:30 pm
by Jim_Cannon
Try this link:
https://tinyurl.com/3v6whtx8
The $5,000 threshold is much more reasonable.
Re: Ebay Sellers income tax reporting delayed
Posted: Sat Nov 25, 2023 6:38 am
by fmblizz
Thanks Jim,, Not sure why the my link no longer worked.
Blizz
Re: Ebay Sellers income tax reporting delayed
Posted: Sat Nov 25, 2023 9:13 am
by epigramophone
The situation in the UK as I understand it is that from 1st January 2024 all on line sales platforms, not just eBay, will have to notify HMRC of sales data for sellers.
It is not clear exactly what data eBay and others will be providing, but speaking as a retired tax inspector I assume that HMRC think that it is worth devoting resources to the investigation of potential undeclared trading income from these sources.
My personal view, for what it is worth, is that small time private sellers are unlikely to be targeted.