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V
Vince C
September 28, 2022
Question

New 1099 Reporting - Ebay

  • September 28, 2022
  • 1 reply
  • 0 views

Hi... I've retired and at this time only making some money selling some of my assets I've collected over the years. Not all the proceeds are profit. So if ebay sends a 1099 for my gross receipts, this will be misleading. What is the best route to take on this? 

      1 reply

      V
      vfellows
      September 28, 2022

      Taxpayers with 1099Ks from selling collectibles on eBay  and related sites is reported as on the sales on Schedule D, Capital Gains and Losses. They have to select the item is "a collectible" checkbox for proper reporting. 

      Selling collectibles is not a business and should not be reported Schedule C. Reporting them to a Schedule C requires taxpayers to have an inventory and track that.

      Regularly selling items which are not collectibles on eBay may be considered a business by the IRS. 

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