No More Unpaid Item Cases On Ebay

Thanks John,
I am the great procrastinator, have to set up ANOTHER bank account just for the Bay.
Still the best option for my small sales.

You might consider whether a new account's really worth the candle, especially for a few kitchen table sales, rather than a business. I went with my existing account. The set-up was quick. Disasters may follow, of course ...

A separate account is probably also in order to simplify things what with the new $600 in sales volume income tax threshold looming. (US)

That sounds like a bureaucratic nightmare, although perhaps less so in the US, where individual tax returns, rather than PAYE, are more common. If it comes to it here, I have a ready-made loss from my auction purchases.

In my opinion the options are; leave the situation, change the situation, or accept the situation. All else is unproductive.
Don

I'd been waiting for over 2 weeks for a payment so I sent a little note;




I received payment within a couple hours so I guess it worked OK.

Overall the only problem I see is that there is no automatic notice before a Unpaid cancelation, but a seller can avoid that by sending a polite warning.

If I read the ebay explanation it implies buyers will still get "Unpaid Item Strikes" if an item is cancelled for non payment. I hope this is true because I block bidders that have had 2 strikes within the last 6 months, I think this weeds out some of the bad apples.

When I saw the new $600 tax threshold down from $20,000 I immediately thought what a great deal for collectors. Now you can deduct all your purchases as long as you sell a few $000 on ebay. It'll be better than shady real estate investing.

Ken, that would be great if dealers could deduct purchases as a business expense on Schedule C - a purchase becomes an asset (inventory) until it's sold at a gain or loss which is why the IRS requires opening & closing inventory levels on returns.

As I'm not a tax expert (although have many years' experience of filing both US & UK tax returns) best to check the IRS website for more information about hobby vs. business and changes for 2021 US tax year:

https://www.irs.gov/newsroom/earnin...r-a-business

Steve

Steve I've been getting 1099s since Paypal 1st started sending them and was filing taxes as a business long before that but I feel sorry for hobbyists if they get dragged into it. I also think this is not a money maker for IRS, it took me years to show a profit with ebay and I wasn't collecting just buying and selling.

IMO it will be nearly impossible for the hobbyist to buy a couple albums or boxes take some stamps for their collection and then sell the rest on ebay and keep track of it all for taxes.

I'm sure we'll hear more from those impacted by this change.

Ken

As a follow up to my post on page 1 of this thread, I received an unsolicited ebay email from the seller this morning, pasted in below. I have had no contact with the seller other than telling him early on I didn't appreciate his nagging for a "decision" on payment. His approach reminds me of when little Timmy hits and torments his sister Jane, then says "Mommy Jane MADE me do it." Alrightyyyyy then.



Hi. I know that you are pissed at me but your beef is with eBay- NOT ME. Attached is a copy of a sale that I just completed THIS MORNING and less than one hour later I received this from our friends at ebay. It is the same message that I received from them THE DAY AFTER YOUR PURCHASE. Anyway, I hope that you received your Labuan stamps and all is ok. If so, I would appreciate some feedback and will gladly do the same for you. I do NOT give feedback to anyone anymore until I receive it from them assuming everything is ok. Been burned too many times and will not do it anymore. I HAVE NEVER AND WILL NEVER STIFF ANYONE ON FEEDBACK!! Like yourself I consider it too impotrtnat to doing anything on eBay