200 item limit steam market

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Jman413
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200 item limit steam market

Post by Jman413 » August 20th, 2017, 2:18 pm

I was looking in my inventory on steam looking at all the cards I never use and I thought 'hey I'm gonna sell them all" Well when I was doing so, it said 200 item limit the steam market. Basically, I can't sell anything else unless I fill this form Image

Please explain what all this means :( I am kind of scared.
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NeoJabez
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Re: 200 item limit steam market

Post by NeoJabez » August 20th, 2017, 2:52 pm

Per Steam:

Under Internal Revenue Code section 6050W, the U.S. Internal Revenue Service requires us to determine whether you are a U.S. citizen or resident alien before permitting you to sell more than 200 items in the community market in a single calendar year. If you are a U.S. citizen or resident alien, the IRS also requires us to collect your Social Security number or other Taxpayer Identification Number. Please note that we are not required to report this information or information about your sales to the IRS under section 6050W of the Internal Revenue Code unless you engage in more than 200 sales in a single calendar year AND the gross sales proceeds from those sales exceeds $20,000 in a single calendar year. For more information, you can view the Community Market FAQ here.


Basically, they are keeping IRS records on your account. If you are American, you have to prove it. If you aren't American, there are slightly different rules. If you exceed $20,000 in sales, they will have to report it to the IRS as taxable income for you, but if you don't hit $20,000 it's basically meaningless.

The IRS requires that they keep this information.

My understanding is that if you DON'T fill out this form, you will not be able to sell more than 200 items in a year. (The sales reset to 0 at the end of the year.)

My further understanding is that if you DO fill out this form, you'll never be required to do so again.

(Just sell less than 200 at once. Or sell in groups of 50 or something.) You shouldn't see the warning again until you APPROACH 150 again.
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Jman413
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Re: 200 item limit steam market

Post by Jman413 » August 20th, 2017, 2:55 pm

Okay, thank you Neo I think I will have my Dad fill it out. Just to so I can sell my stuff. Thank you for explaining it so well. :D
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NeoJabez
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Re: 200 item limit steam market

Post by NeoJabez » August 20th, 2017, 2:57 pm

No biggie, it's really kind of silly because I don't think you're going to make $1,000, let alone $20,000. Sometimes laws are a little weird. I would worry about people who have enough items to make $20,000 in the Steam Market in one year...That sounds like they have less than no life.
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Hektonamus
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Re: 200 item limit steam market

Post by Hektonamus » August 26th, 2017, 9:46 am

Honestly, I wouldn't even worry about filling it out. The end of the year isn't that far away, and it asks for a ton of personal information that your parents, (I know mine didn't), might not want to fill out.
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Re: 200 item limit steam market

Post by Eliter » December 26th, 2017, 2:25 pm

Well, you can setup an LLC (pay the $50), get the LLC's taxpayer identification number, make yourself the owner the LLC, then you can do that yourself under the LLC. You can also try and put fake information on the form (although I don't know if you can get away with faking the TIN).

OR, you can get your dad to agree to it;

OR you can wait until 1 January 2018.
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Re: 200 item limit steam market

Post by NeoJabez » December 26th, 2017, 9:35 pm

Please pay attention to post dates when responding to old topics.
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