Paying taxes on E-Bay sales

[Tom L]

I know this has been discussed before, but I could not find the threads. I have a few questions about selling and taxes.

1) What is the $ limit for selling stuff on E-Bay before paying taxes?
2) Does the answer to #1 only apply to E-Bay sales where non E-Bay sales paid through Paypal are separate and not added in?

[MegoSteve]

From what I've seen in quick research, Paypal sends a 1099 if you have 200 or more transactions and gross $20,000 or more in sales. So, you could conceivably sell more than $20K in stuff and not get a 1099 if you do it in 199 transactions or less.

PayPal Readies for IRS 1099-K Reporting Requirements

[sauce]

Yeah. That's it. I got close last year and somehow still managed to not outpace my expenses!

[osker55]

so as long is you don't go over 200 trans. or 20,000 your fine?

[Tom L]

Thanks for the information. Quick follow up question.

Does spending money on collectibles offset your sales like gambling losses offset you winnings?

[sauce]

Wouldn't that apply if you have an intent to make money? In a business?