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
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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

belladboutique
@isobelmcd omg we can't get ahead for nothing .
Dec 29Reply
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