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Why am I closing my closet? Taxes. The government didn’t require Poshmark or any other site to report earnings to the government, but they chose to anyway. The trouble and expense this decision has caused is just not worth it.

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32 Comments

thelilacbush what kind of discounts are you offering for closet closing?

Feb 15Reply

goopy1 @thelilacbush Hi, there is no specific discount. I have dropped the price on almost all items already.

Feb 15Reply

lisaslovelies I couldn’t agree with you more on the tax issue!!!

Feb 19Reply

goopy1 @lisaslovelies Thank you! I don’t know why more people aren’t pissed off about this. My husband does our taxes and he is giving me grief about all the extra work. It’s just not worth it.

Feb 19Reply

lisaslovelies @goopy1 not sure if there is a final verdict on this tax issue yet. Wasn’t it tabled last year to stay at the $20k sales level? But talks are ongoing to have us report any sales over the paltry $600! Really!!! We should all write to those on these committees.

Feb 19Reply

goopy1 @lisaslovelies That’s the thing, poshmark was not required to 1099 until it’s settled.I was afraid they would do it so I contacted them and was told they would only do what was “required”. But that was a lie because they did it anyway! I believe this year it’s like $5000, but the following year it’s back to $600. For selling used clothes! Then, because I live in VA, I have to buy a business license every year and now they want to tax iPad, computer, desk and office chair!!!

Feb 19Reply

lisaslovelies @goopy1 the Virginia laws sound absurd! Can depreciation help the numbers??

Feb 19Reply

goopy1 @lisaslovelies Well, when my husband called to ask because it wasn’t clear, he was told no discount for depreciation. But on the form it says there is, this is a new form that came with the business license. In VA we pay personal property tax on our cars, but taxing what they call “business machines” is nuts! I really enjoy Poshmark and I’m going to miss it but the tax part is causing friction so it has to end.

Feb 19Reply

1staluckey Sorry to see that your closing your closet but I understand 😞

Feb 27Reply

goopy1 @1staluckey Me too! I’m really going to miss it, but I also need peace in my home.

Feb 27Reply

wwknight64 I'm sad to see you go. But I fully understand. I guess I didn't sell enough to get a 1099 from PM.

Mar 06Reply

goopy1 @wwknight64 Did you sell less than $600 for the year?

Mar 06Reply

wwknight64 @goopy1 I sold over 600. around 1000.

Mar 06Reply

goopy1 @wwknight64 I’ve gotten one twice, for the past 2 years. 2022 the cut off was $600 which I exceeded, and they weren’t required to send one but they sent one anyway. This past year the limit was $20,000, which I was not even close to, but they sent one again anyway. Anyway I really enjoy it and will really miss it but, I have reached my limit with taxes and licenses and all the extra hassle involved. I wish you the best of luck.

Mar 06Reply

wwknight64 @goopy1 I wish you the best of luck too. In any new venture you should try.

Mar 06Reply

elevatedmerch this is crazy. sorry to hear it. are the items in your closet still for sale?

Apr 02Reply

goopy1 @elevatedmerch Thank you, I will miss it for sure. Yes, they are still for sale but things that are showing no interest are being deleted and donated. Best of luck to you. 😘❤️

Apr 02Reply

jessgfl6664 @goopy1 good morning! Thanks for the share 😜

Apr 04Reply

goopy1 @jessgfl6664 Of course! 😘

Apr 04Reply

jules1717 I agree!!! How is it that most of the stuff that we are buying and selling on Poshmark are used items, sometimes even thrifted items, and have already had tax paid on them probably twice. so why do they get to charge tax on them again? I just don't understand!!!

Jul 06Reply

goopy1 @jules1717 Sellers of used clothing should not be taxed, in this era of greed-flation where grocery stores, restaurants and others just keep raising prices while making record profits. What really pisses me off is all the millionaires who don’t pay their fair share of taxes, while the little people who are just trying to make a little extra money get penalized. 😤

Jul 06Reply

jules1717 @goopy1 Right??!? I finally started to get a *smidge ahead, and then my HOA slammed us with a $9,500 "emergency" assessment. So now I'm essentially paying two mortgages! But yet we're all getting royally effed just trying to make extra money on the side??! 😡

Jul 06Reply

goopy1 @jules1717 Oh ouch .

Jul 07Reply

realjerzgirl @goopy1 VA sounds a bit excessive- the double taxation on selling our used goods that we already paid taxes on is thievery- that’s what I keep scratching my head over. It’s hard to fight the govt though. If my sales amounted to anything, I’d stop this too. When Poshmark and all the others lose money when we stop selling, then they can fight the govt- every sale I make I only get half- PM and the USPS are making out great I think but postage is going up, taxes getting outrageous. It’s ridiculous.

Jul 07Reply

goopy1 @jerseygina If you are a real Jersey girl, you know New Jersey has some of the highest taxes in the country. We retired here and some of our friends moved here from NJ to get away from the high taxes. It’s just not worth it to me to keep reselling knowing I will be taxed on it. I am also not happy with Poshmark either since they started their live shows.

Jul 07Reply

goopy1 @jerseygina Live shows have ruined Poshmark, people are advertising starts as low as $5. I used to have a lot higher dollar sales b4 they started them. Now it’s like a garage sale, sell for $5 and make a couple dollars while still having to pack and ship items. I’ll donate it b4 I sell that low. Not to mention a feed of nothing but live sale notifications, and they are constantly shoving them down your throat. I hate them.

Jul 07Reply

realjerzgirl @goopy1 yes high property taxes in NJ… I agree on the garage sale effect of the low selling costs, I’m about ready to donate half my closet because at a certain point it’s not worth the time. I’m surprised at how new items priced below value just sit but I’m relatively new to PM so I haven’t done live shows personally and didn’t know those were new. The govt greed has ruined so many things so I guess I shouldn’t be surprised to hear this about PM as well. 😕

Jul 07Reply

goopy1 @melodyteddyb You can read more here.

Oct 26Reply

christineznyc @goopy1 sorry to hear this l worry about it all year. It’s hard to believe u can’t write off cost of goods and the space in your home to store all this stuff. In addition u should be able to write off bubble wrap tissue paper etc. I’m getting nervous. And the live shows no returns!!!

Dec 01Reply

goopy1 @christineznyc I will miss it for sure. Believe me we wrote off everything we possibly could, tape, bags, twine, mileage to the post office and to source items, the areas I use for storage, the bins and shelving, and we still had to pay because I was successful. Then there is the issue of the extra work involved in filing. It’s just not worth it.

Dec 01Reply

goopy1 @christineznyc Now I can hardly sell anything because they have created this live show garage sale situation. When I do get offers they are low ball. I’m not wasting my time packing, printing labels and driving to the post office to profit $8. I’ll donate before I do that. Latest thing is “giveaways “. The seller is starting off in the hole in the hopes of selling something. It’s not the Poshmark it was when I started in 2018. I wish you the best of luck.

Dec 01Reply

melaniegreycat Hey goopy - I've been away for a month and am just now seeing your departure from posh. I'm really sorry to see you go. You had such a classy closet! But, I totally get it. And yeah, the tax thing is a real pi$$er. Take care and have fun doing whatever's next! Happy New Year, too!

Jan 03Reply