Facebook Market Place

TAE

All you have is now
Any of ya's using this to buy or sell gear?

Gotta say it's working pretty good for me both buying and selling.
Years ago it was recycler.com, then Craigslist,, then Offerup
I still use Craigslist and Offerup to find stuff.
Selling my MODX8 I didn't even bother to put it on Craigslist as it seems like it is really dying.
Strange though FB Market Place is kicking Offerups ass on potential buyers for it.
Mostly resellers hitting me up on Offerup trying to get me to sell it for less than what I have it up for. Even though I listed it as as firm on the price and reiterated it again in the description...

Who'd a thunk FB Market place....winner
 

leddy

Well-known member
I sold a pair of speakers that were about $1500 on FB marketplace. Went well. I told the buyer the only way I’d ship is to put all liability on a third party. I videoed me giving them to ups pack and ship place. Insured them and washed my hands of it. That’s the only way I’d ship.

I’m dealing right now with my second rip off on eBay. 2 bad transactions out of 300 or so good ones. Just CAREFULLY document EVERYTHING.
 

mjbphotos

What?!?
They are now reporting what you are selling to the IRS in case you didn't know. Ebay also.
How? They don't ask for a W2 or your SS#.

I've sold a bunch of gear (most of it for a friend who moved out of the country) this year. Its a bit hit-or-miss. About half the contacts are people using the automatic 'is this available?' and then I never hear from them again.
 

keith.rogers

Well-known member
How? They don't ask for a W2 or your SS#.
...
Yeah, that was a nonsense post. The paranoia is about the rules that the financial transaction providers, usually PayPal, but also Venmo, Zelle, etc., or sites that employ those, like eBay, Reverb, et al. have to report annual transactions totally over $600. I'm not going to get into the sheer magnitude (avalanche) of data for petty transactions this will inundate everyone (including the IRS) with, but it's got folks worked up to the point they're just making stuff up. Private, cash transactions, regardless of how/where the listing was posted, can't be reported, though I suppose it's easy to scrape the total number of listings and collate them by users, IP addresses, whatever. But, there's bigger fish to fry, IMO. (Saving my tin-foil hat for something a little more tangible here.)
 

TAE

All you have is now
From this article

Here's how this change will impact your 2022 taxes

Many sales on eBay aren't taxable, so if your sales are over the $600 threshold it doesn't necessarily mean you will be taxed on those sales. Only goods that are sold for a profit are considered taxable, so you won't owe any taxes on something you sell for less than what you paid for it. For example, if you bought a bike for $1,000 a few years ago, and then sold it on eBay today for $700, that $700 you made generally would not be subject to income tax.

But you will now need to report these sales as part of your tax return and we'll continue to share updates that will help you prepare for these changes.


So my question to my accountant would be is can we take a depreciation loss as a write off...I paid $2K new but sold it for $1K a few years later..I lost $1K

ON the Facebook one it is mentioning over $20K before Facebook sends a 1099 ...I buy On Ebay but sell very little beause it is just so easy to sell on offerup or Facebook.... Both offer ways for them to handle the transaction but also allow you to meet the buyer and take cash...EBay doesn't allow us to sell direct so they are the only entity that has solid proof we sold something...sales on craigslist, offerup and Facebook not so much.
 

mjbphotos

What?!?
  • You received more than $20,000 in gross payments,
  • AND you had more than 200 payment transactions Some states have minimum reporting thresholds that are lower than the thresholds outlined above.

I've sold a bunch of stuff on FB Marketplace - but the usual face-to-face sales. they don't even know how much you sold it for, so this is just if you are using the FB Marketplace Seller system, where payments are made THROUGH FB.
 
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