Closet closing 12/31 due to new gov't regulations!

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Closet closing 12/31 due to new gov't regulations!

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joniej and one other like this

12 Comments

alexispaije What are the new government regulations?

Dec 26Reply

isobelmcd @alexispaije @sanglen - The government regulation that if you gross more than $600 from any of these e-commerce sites you have to fill out a W9 and your earnings taxed as income. Last year the amount was $20k and in 2022 it is $600 …crazy! Check with your accountant for your own information.

Dec 26Reply

alexispaije @isobelmcd 😳

Dec 26Reply

rotondagirl87 @isobelmcd I heard this also ! What the heck ???

Dec 27Reply

isobelmcd @rotondagirl for me it’s a hobby so closing my closet is the option I’m choosing 🤷🏻‍♀️

Dec 27Reply

rotondagirl87 @isobelmcd I agree it is maybe the only option . Poshmark will be severely impacted if a lot of us feel and so the same . I wonder what their feeling is about this change ?

Dec 27Reply

isobelmcd @rotondagirl I’m not sure there is much they can do about it…I’m sure they aren’t too happy about it.

Dec 27Reply

rotondagirl87 @isobelmcd Yes you are right . There isn’t too much anyone can do about it . I may close my closet too once I reach 600.00 on 2022 . It’s a shame really ….

Dec 27Reply

watson83 @isobelmcd all earnings should be taxed regardless.

Dec 27Reply

isobelmcd @watson83 they have always been taxed. We have all paid it, on every transaction. I’m not arguing also I’m saying is I’m closing my closet because I choose not to have the tax implications.

Dec 27Reply

akos3228 I'm going to share your closet with everyone so you can make a great it sail on your items as you're closing the 31st that will be my gift to you for the New Year

Dec 28Reply