Ebay StockX Goat Etc.

Can I use stockx without hyperwallet?? I can't get my payout because I've sold too much this year?? They need tax info?!?!?! I've sold like $1k worth of shoes. Wtf are they talking about?
 
coach js said:
$600?!?!?
Didn't it use to be like $10k when stockx started?? Ridiculous
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Was actually $20K AND 200 sales before a 1099 got sent in 2021. Now it's $600, which hurts the normal people who just wants to blow out a few shoes and ISN'T a business. Should have been cut in half to start and a yearly drop to get to this level.
 
05fordgt said:
Was actually $20K AND 200 sales before a 1099 got sent in 2021. Now it's $600, which hurts the normal people who just wants to blow out a few shoes and ISN'T a business. Should have been cut in half to start and a yearly drop to get to this level.
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Wow!! Yea, I sold a few pairs to help the kid out with college bills. I can't even wrap my head around $600 being the limit. No more selling shoes for me lol.
 
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k3stacks said:
You got walgreens where u at? They got a Dropoff center
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yea but some people want a receipt so the company can't say you didn't ship. man, wtf is ebay doing...all these complaints about fedex from nike and they go "yeah, that's probably a coincidence".
 
coach js said:
Wow!! Yea, I sold a few pairs to help the kid out with college bills. I can't even wrap my head around $600 being the limit. No more selling shoes for me lol.
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Our 46th pushed this through kind of low key.

Tax question for some of you sellers,
Are you having to itemize or do a schedule C?

How can I prove $600 is not total profits?
Let’s say I get that 1099 with $600 in sales?
Maybe $200 of that came from the cost of the items. How hard is it to itemize and show proof?
Can you add in ink, boxes, and gas money for trips?

Does anyone who’s not a true LLC or reseller have a decent rundown if you just sell a bit on the side?

Add in 15% eBay fees, and now gross income increasing at 10-30%, and some people may not even make enough money to truly come out ahead. But the 1099 will make it look like a come up.

Are some of you just biting the bullet and laying the whole tax increase by increasing the price of your eBay items?

I just wonder if it’s worth the hassle.
 
Been out of this thread for a while and now I remember why I stopped selling sneakers. Having to stay under the $600 threshold so the IRS doesn't bother me is annoying which is why after I sell the last pair of shoes I have listed I will not be selling a single thing anywhere online anymore unless I can convince buyers to send the money via PayPal F&F. Had a cool ebay seller let me do that at one point because I had been buying from him quite a bit, so we went that route instead so I could avoid ebay fees and state tax. On his end I'm sure it made dealing with the IRS a little easier.
 
wallyhopp said:
Our 46th pushed this through kind of low key.

Tax question for some of you sellers,
Are you having to itemize or do a schedule C?

How can I prove $600 is not total profits?
Let’s say I get that 1099 with $600 in sales?
Maybe $200 of that came from the cost of the items. How hard is it to itemize and show proof?
Can you add in ink, boxes, and gas money for trips?

Does anyone who’s not a true LLC or reseller have a decent rundown if you just sell a bit on the side?

Add in 15% eBay fees, and now gross income increasing at 10-30%, and some people may not even make enough money to truly come out ahead. But the 1099 will make it look like a come up.

Are some of you just biting the bullet and laying the whole tax increase by increasing the price of your eBay items?

I just wonder if it’s worth the hassle.
Click to expand...

You're only paying tax on profits, so it's not like a tax will take you from the black into the red.

You should file a Schedule C; take deductions for the price of the product sold (easily provable with a receipt), any costs of sales (that includes ink, boxes, ebay/SX fees, etc), and if you are moving enough pairs, you may be able to set up some simple inventory accounting which could further reduce costs (if you're holding more 'inventory' at the end of the year than you started with).

Everyone should have technically been doing this previously; the only change is now you'll have a formal 1099 coming from any payment processor through whom you received more than $600 in payouts.
 
coach js said:
Can I use stockx without hyperwallet?? I can't get my payout because I've sold too much this year?? They need tax info?!?!?! I've sold like $1k worth of shoes. Wtf are they talking about?
Click to expand...

Have you gotten your payout yet? I just got the notification that I needed to verify my tax info but it's not going through and I'm not seeing any payout yet.
 
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