Collectors who use payment apps like PayPal, Venmo and Cash App for their card and memorabilia sales got a reprieve from the IRS on Tuesday. According to a news release, the federal agency announced that it will delay the new $600 Form 1099-K reporting threshold requirement for third-party payment organizations for the 2023 tax year. The IRS is planning a threshold of $5,000 … [Read more...] about IRS Again Delays Reporting Rules For PayPal, Venmo And Cash App Users
If you sell a few thousand dollars in sports cards or other items on eBay or another online outlet in 2023, there’s still a chance you won’t be getting a 1099 early next year. The plan to force online sellers to report amounts as little as $600 to the IRS that’s scheduled to go into effect this tax year is getting a challenge from two senators—one on each side of the … [Read more...] about New Bipartisan Bill Gives Hope to Online Sellers Fearing 1099 Forms
If you’ve taken in more than $600 from Paypal, Venmo or other third parties this year while selling cards or memorabilia, you won’t be getting a 1099-K form from the Internal Revenue Service after all. The IRS has announced that it’s delaying the implementation of the new law until 2023. As a result of the delay, third-party settlement organizations will not be required to … [Read more...] about IRS Delays Implementation of $600 Threshold for Third Party Payment Forms 1099-K
The owner of two sports memorabilia and gaming shops in the state of Washington who didn’t pay employment taxes on more than 50 of his workers over a nine-year period has been sentenced to 30 days in prison, ten months of home detention and restitution. The U.S. Attorney’s Office is Seattle says Donald A. Knutsen, 54, the owner of Northwest Sportscards in Tacoma and … [Read more...] about Shop Owner Gets Prison Time in Unpaid Tax Case
Christian Lopez, the fan who caught Derek Jeter's 3000th hit, may wind up paying for all of that free memorabilia he got from the Yankees. If Lopez would have kept the ball, it likely would have sold for $150,000 or more at auction. He gave it back and as a thank you, the team turned over some signed balls, jerseys and bats from Jeter plus luxury box tickets for the rest … [Read more...] about Fan Who Traded Jeter Ball for Memorabilia, Seats Could Owe Big Taxes
The Internal Revenue Service believes there's a huge gap between the amount of taxes it collects and what it should be taking in. They're now taking steps to change that. One area of strong interest is the huge number of people who are now picking up extra income by selling on eBay. For most, it's just the means to support a hobby. Others, though, have learned how to make … [Read more...] about Selling on eBay? The IRS May Be Watching
Buying, selling, and trading sports collectibles can easily become a very lucrative hobby. With the online auction sites like eBay as well as specialized sports collectibles sites and shows, it can be very simple to find the items you need for your collection, and sell the items you are ready to get rid of. If you've got the right touch, investing in sports memorabilia … [Read more...] about The Tax Man Cometh; Are You Ready?
If you're buying and selling collectibles a regular basis, knowing some basic tax rules and regulations is a good idea. … [Read more...] about Collectibles and Taxes: What You Should Know