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Question about Steam 200 Item Limit.


ineedhelp

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I have already read the FAQ on steam, I just need a bit of clarification as to whether this is right or wrong.

1.If I go past either the 200 item limit or the 20k mark I have to enter tax payer information(as a US citizen) 

2. Once past the 200 item limit and say you put in your information nothing will be done about it until you go past the 20000 mark. At this point steam sends you a 1099 form that you have to fill out. 

3. If I go past the 200 item limit and DO NOT go past the 20k in gross sales limit nothing will be done with the information, and you have nothing to worry about. No taxes or anything like that would have to be dealt with. Aside from the fact that you put in your tax information?

4.If you live outside the US you just need some proof you are not a US citizen. 

 

So am I right or completely wrong? thanks for any help

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25 minutes ago, 12th said:

All wrong. 2 years ago i filled it out with wrong info and nothings happened 

I don't think thats a good idea.

But it appears your from the united emirates anyways so it does not matter too much

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Honestly, it really doesn't matter what you put in. If you don't make more than $20k, it won't matter anyway. Unless you plan to make a full time job from buying and selling stuff on the market, you may as well make it up. 

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7 hours ago, ineedhelp said:

I have already read the FAQ on steam, I just need a bit of clarification as to whether this is right or wrong.

1.If I go past either the 200 item limit or the 20k mark I have to enter tax payer information(as a US citizen) 

2. Once past the 200 item limit and say you put in your information nothing will be done about it until you go past the 20000 mark. At this point steam sends you a 1099 form that you have to fill out. 

3. If I go past the 200 item limit and DO NOT go past the 20k in gross sales limit nothing will be done with the information, and you have nothing to worry about. No taxes or anything like that would have to be dealt with. Aside from the fact that you put in your tax information?

4.If you live outside the US you just need some proof you are not a US citizen. 

 

So am I right or completely wrong? thanks for any help

I don't have any experience with the SCM tax information, but from what I remember from PayPal's 1099 rules (which follow the same law) this is mostly correct. They aren't required to send you the 1099 until you pass BOTH 200 sales and $20,000 in sales, but companies can ask for your tax information whenever they want (it's their service you're using, after all) and they can send the 1099 even if you don't pass the treshold (though most of the time they don't since it's additional work for no benefit). If you're not a US resident they shouldn't send you the 1099 since you're not filing US taxes in the first place.

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From my experience, they do not use your info unless you exceed $20k in gross sales (total amount you received from all transactions) in a calendar year. I believe it's required by the IRS that they collect the information, but you'd have to look that up. If you don't sell more than $20k in a year you have nothing to worry about. I probably wouldn't provide fake info (you wouldn't give a fake SSN to an employer), but I also tend to be a pretty honest person so that's up to you. As a pretty big SCM trader I received the form last year. You provide your expenses and ending inventory value at the end of year to calculate how much taxes you pay.

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On 9/17/2017 at 10:54 AM, Julia said:

From my experience, they do not use your info unless you exceed $20k in gross sales (total amount you received from all transactions) in a calendar year. I believe it's required by the IRS that they collect the information, but you'd have to look that up. If you don't sell more than $20k in a year you have nothing to worry about. I probably wouldn't provide fake info (you wouldn't give a fake SSN to an employer), but I also tend to be a pretty honest person so that's up to you. As a pretty big SCM trader I received the form last year. You provide your expenses and ending inventory value at the end of year to calculate how much taxes you pay.

What are the usual percentages? I might pass that threshold if I decide to scale up my steam market trading.

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