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FAQ

Do you have to pay tax for selling on eBay?
If you are a US taxpayer, and you sell items on eBay on a routine basis, you are required to report your revenue from the sale of such items as part of a business return (e.g. Schedule C or C-EZ of Form 1040, Form 1120, Form 1120-S, Form 1065, or other form as appropriate to your tax status). You may generally deduct your expenses in producing and shipping those items, any costs you incur in marketing them (including eBay listing fees), and any other expenses that can be reasonably attributed to the process of acquiring, producing, or selling those items.If you only occasionally sell items on eBay (that is, you are not in the business of selling things on eBay) and you are a US taxpayer filing a personal income tax return, you must report the entire amount of what you received for whatever you sold as “other income” on Line 21 of Form 1040. Note that you cannot file Form 1040-A or Form 1040-EZ if you have taxable “other income” that isn’t from unemployment compensation or Alaska permanent fund dividends; there is no equivalent of Line 21 on Form 1040-A or Form 1040-EZ. Effective with tax year 2021. these amounts are instead reported on Line 21 of Schedule 1 of Form 1040.eBay does not send Form 1099-MISC because eBay does not process payments itself other than to collect its listing fees. Thus, eBay will never send you a Form 1099-MISC or Form 1099-K. If you use a payment processor such as PayPal, and you process transactions through that processor totaling more than $25,000 from 200 or more payors, that processor will send you, and the IRS, Form 1099-K, indicating that you were the recipient of the specified amount of funds. If your return does not, somewhere, reflect the receipt of those funds, the IRS will “correct” your return by adding the amount you failed to report as income. This will generally increase your tax and reduce your refund or increase the amount you are required to pay, and could result in penalties for underpayment or underprepayment of tax. In addition, if you claim the Earned Income Tax Credit, Child Tax Credit, or American Opportunity Tax Credit, and fail to report any part of your taxable income, you may be subject to additional penalties, and may also be banned from claiming these credits in the future.If you indicated to the payment processor you use that you are not a US taxpayer (by providing them with form W-8BEN or W-8BEN-E, in lieu of form W-9, when they asked you for a SSN), they will not file Form 1099-K with regard to payments to you, and you do not have to file a US tax return. However, they may file Form 1042-S instead, and may instead withhold “exit taxes” from payments made to you in accordance with the rules pertaining to transfers of US-source income made to non-US taxpayers. Consult a tax accountant for additional information.(Updated April 2021 to correct errors and reflect changes in forms for tax year 2018.)
Is this year's tax return going to fit on a postcard as promised?
The draft forms for 2021 have now been released by the IRS, and sure enough, Form 1040 now fits into a 5x8 inch rectangle (both sides)[1] . There’s been some actual simplification (for example, the exemptions section has been removed.) But the big change is that great sections of Form 1040 have been moved to other new schedules. Obviously this makes 1040 shorter, but it doesn’t do anything to reduce the total number of lines, and it certainly doesn’t simplify anything.Form 1040 was actually never really very complex in the first place. The real work was being done by the ream of supporting schedules, worksheets and documentation that accompanied it. This has not changed. And now there are additional forms, whose only purpose is to reduce the size of Form 1040 to a postcard.For example, suppose you had Capital Gains and Rental Income. Previously, you would enter capital gains on Form 1040, Line 13 and Rental Income on Form 1040, Line 17. Pretty simple, if you ignore that you would also include a Schedule D, Schedule E, Form 8949, and Form 4562, and calculate your taxes on the 2-page Schedule D Worksheet.Now, after the great form simplification, you enter capital gains on Schedule 1, Line 13, and Rental Income on Schedule 1, Line 17. You would total up Schedule 1, and copy the total on Form 1040, line 6. And as before, you would also include a Schedule D, Schedule E, Form 8949, and Form 4562, and tackle the formidable Schedule D Worksheet.In effect, all they’ve done is replaced 2 lines on 1040 with one line on 1040, and three lines on Schedule 1. In terms of complexity, that’s two extra lines. In terms of weight, that’s a net increase of one page. But hey, one of those pages now fits on a postcard.My opinion of the postcard return: it’s like a poorly done magic trick at a children’s party. Voila!, it’s tax simplification and a postcard-return! But even the kids can see how the trick is done. We know it’s not real, and now our intelligence has been insulted as well. My real indignation is not that it’s more complicated, or that it fails to be less complicated. I’m angry that the political magicians are so contemptuous as to think that we can be played with such little effort.That aside, let me just add that the reaction in the press is overblown. An article in Inc. Magazine suggests that the new format is more error-prone, more confusing, and more time-consuming. It is none of these things. If any CPAs out there start missing deductions because they can’t cope with multiple forms, then they should probably not be in the tax business. The new format should also not be a problem to most DIY-ers who never see the forms anyway until they are done entering information into their software’s user-friendly interface.In other words, the physical size of Page 1 of a tax form bears no relationship whatsoever to the complexity of the tax system.Footnotes[1] https://www.irs.gov/pub/irs-dft/...
How can I claim taxes paid on a sign-on bonus received in 2021 but returned in 2018?
Not an expert on this one. Great ideas from Wray Rives . I will just try to give you a way to look at the issue.How buig was the bonus and the return?Three figures $1000. You are unlikely to trigger any interest by the IRS. Make a good faith effort to rectify the situation. I might invest in an experienced tax preparer. You also might consult the IRS Taxpayer Assistance Center. TAC Locations Where In Person Document Verification is ProvidedFour figures $1000bonus$10000. You certainly want to comply with the law while minimizing any shocking tax payments. Rememebr that you are ending up where you started. There is enough money to justify consulting a CPA. You may need to file an amended return. If you do not have a good CPA, check this AICPA site. Home You may need to navigate the site and find a CPA in your state. Do not be surprised if they tell you the problem is small and refer you to an experienced tax preparer who deals frequently with employee bonuses.Five figures and up $10,000. The tax on your bonus will probably hit four figures or more. Now you need the best. Start with taking your favorite tax lawyer to lunch. If you are in Silicon Valley, buy lunch for Andrew Weill . If you are not near the Valley or San Francisco consult your local Bar Association.Thanks for the A2A Rahul Tiwari
Not an accountant, but sensing a confusion in the questioner. Form 1040 is the Individual's income tax form for the US, regardless of whether they file single, married filing jointly, or the other filing statuses. It has multiple forms attached to it, called Form 1040ScheduleA, B, C etc. that you also file with your 1940 if you have certain income types or deduction types. This is not an additional filing, it is all one act. So for example, you file Form 1040ScheduleA if you take itemized deductions. You file Form 1040ScheduleD if you have income from capital gains. All one filing within one Form 1040.
Where do I claim a carry over capital loss on my 2021 1040 form? It used to be number 13.
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