stagesnpages

Updated 2 hours ago

ATTN Sellers & Buyers!!!

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Update: Posh did finally reply to me and confirmed that as stated in their FAQs ALL cancellations and their cut WILL be reported to the IRS as our “income”. Update: I’ve asked Poshmark for clarification on this via email twice; once 12/30/23 and again on 1/10/24 and as of 1/11/24 haven’t received a response to either. A support agent in a sale convo when asked about it, told me this morning I had to email support - who as previously mentioned, is conveniently not responding. Per multiple posts on their site, posh includes ALL cancelled sales in the 1099 they send to sellers. AND THE 20%+ FEE THEY TAKE THAT SELLERS NEVER EVEN SEE. I do not agree with this, I feel it is a way to try to pass their portion of taxes onto sellers - as while Posh received (and then returned) money for a cancellation, sellers never received anything! Regardless of the legality of the situation; they have done it previous tax years, and I cannot get an answer on current tax years - which means they most likely intend to keep doing it. Because of this, I cannot offer cancellations on accidental bids/purchases or any sale. If you have a problem with your order please message me, but know that any cancellations I will have to pay taxes on (my locality taxes do not accept “exceptions” or deductions on any 1099 amount). Please bid responsibly - and if concerned, consider pulling your payment method prior to joining a share show to protect yourself from accidental purchases. ~Ash 💜

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ilikedeals2 and 28 others like this

21 Comments

desiraenicoles @pm_editor can we get clarification or confirmation of this?

Jan 19Reply

aimeelou10 Just info to have: I spoke to a CPA months ago that gave me free advice over the phone for write offs etc. But the 1099K tax form is what you will receive and it’s a Schedule C filing. She quoted me starting at $250 up to $550 depending on how organized and easy it would be for her.

Jan 21Reply

trendychic2 I haven't received mine I thought they were mailed out by yesterday

Jan 31Reply

stagesnpages @trendychic2 mine is available via Poshmark on my desktop: you may want to check your “tax forms” page there! I couldn’t get it to download on the mobile app but it worked just fine on my computer.

Jan 31Reply

trendychic2 @stagesnpages thank you did they email to us? I'm a bit confused usually these are mailed out..

Feb 01Reply

stagesnpages @trendychic2 Sure! I’m sorry I’m not much help, I didn’t get an email, I just checked the “tax forms” page under seller’s tools and found it was there a couple weeks ago. They really haven’t been the best at communicating anything. 🫠

Feb 01Reply

karen_alkemeyer @trendychic2 if you want a printed copy of your W2 , you have to send a letter to posh requesting it via mail. Otherwise, it will be sent to your account.

Mar 15Reply

schoey1030 @stagesnpages I recently heard about this practice and when I reread it several times, I guess it makes sense. Item was sold, hence a revenue. Customer then cancels transaction and wants a refund( just like a retail store). On books, sales equal revenue.

Mar 16Reply

schoey1030 @stagesnpages Then ...cancellation equals refund category on books. expenses, all taxes seller charged on sale, etc so it all works out on accounting side... But, I'm no where even close to the range of receiving a 1099k and I do understand this seems totally wrong

Mar 16Reply

stagesnpages @schoey1030 I could 💯 understand that, if the seller ever received a cent of the money and then had to “refund” it; the issue stems from the fact that posh held that money. It was never released to a seller so the seller was never paid, and the sale never existed from the sellers perspective. That viewpoint also implies that the seller has some sort of say in the refund or cancellation, but posh is in complete control of that too. So it’s really complicated. 🫠

Mar 16Reply

schoey1030 And Poshmark is a multi million ? company so I'm sure they have top notch accountants and financial staff on hand. Working on their customer service would help tremendously! Wow, just googled, 2.62 million in revenue and only 300 employees who according to ratio in article, each would average $800k+ PER EMPLOYEE!!! DAmn sign me up

Mar 16Reply

stagesnpages @schoey1030 well I know with the latest update to their terms and conditions they made us all wave our rights to any class action 😬

Mar 16Reply

acelestialsoul @moongoddess7, For all the live show hosts that were told to “just cancel” single orders and create a new listing for bundles. Voilà. You just got taxed on your sale MULTIPLE times.

Mar 23Reply

acelestialsoul For all the live show hosts that were told to “just cancel” multiple single (small) orders ) to save your buyer shipping. If you do, and create a new bundle listing to include them all: Voilà. You just got taxed on your sale MULTIPLE times. @peatandrepeat @moongoddess7

Mar 23Reply

acelestialsoul For all the live show hosts that were told to “just cancel” multiple single (small) orders to “save your buyer shipping.” If you do, and create a new bundle listing to include them all: Voilà. You just got taxed on your sale(s) MULTIPLE times. @delmarvadesigns

Mar 24Reply

stagesnpages @moongoddess7 right?! I think it went through effective in February it said something to the effect of “we are updating our terms and conditions and by continuing to use the app after (some date in February) you are agreeing to them”.

Mar 24Reply

stagesnpages @moongoddess7 just updated the listing with a photo of what they sent out about it! 💜

Mar 24Reply

schoey1030 @stagesnpages I just reread all your comments on this. I do agree about the seller never actually receiving money of sale but yet Posh has control of cancellations, etc. Wow! unbelievable....

Mar 26Reply

trendychic2 @stagesnpages so when I had a store refunds were deducted from total earnings as part of your schedule C I believe... so if total earnings was $100 & u had $30 in refunds you would now paid taxes on $70 instead of $100 but this means you will need to keep track of your cancelations..

Apr 06Reply

trendychic2 I dont agree how they are doing it but it benefits them as they can show that they paid out more hence less taxes for them...which is just a loop hole eventually it will catch up to them the I,R,S will figure out how to charge them back plus penalties etc.. let Karma do its thing!

Apr 06Reply

stagesnpages @trendychic2 I agree 💯! Federal and even state are easy - the issue is my local taxes do not honor *any* deductions (for any reason). Whatever my 1099 says I must pay a flat % tax on. I’ve worked as an independent contractor for years; it’s something I’ve explored every avenue on - and there’s no way around it - so when posh lies and says I received more money than I did, I am on the hook for it locally.

Apr 06Reply