PayPal Issuing 1099-K for Some Online T***sactions
Apr 18, 2022 18:14:32 #
47greyfox wrote:
Changing of the threshold reporting requirements was a quiet provision of the American Rescue Plan Act of 2021. Funny how we never heard of it until the last month or so.
I knew about it...but I tend to dig deep. It sure wasn't telegraphed...you are correct.
Democrats have massive plans to blow through our money.
Big government is always better (cough).
Apr 18, 2022 18:25:08 #
Canisdirus wrote:
I knew about it...but I tend to dig deep. It sure wasn't telegraphed...you are correct.
Democrats have massive plans to blow through our money.
Big government is always better (cough).
Democrats have massive plans to blow through our money.
Big government is always better (cough).
My suspicion is that is was a backroom wink and a nod to get it passed.
Apr 18, 2022 18:35:37 #
47greyfox wrote:
Changing of the threshold reporting requirements was a quiet provision of the American Rescue Plan Act of 2021. Funny how we never heard of it until the last month or so.
We heard last year of the PayPal types et. al., having to report monies t***sferred for sales. Nothing new in the past month or so. It was on the news.
Apr 18, 2022 18:38:27 #
Canisdirus wrote:
I knew about it...but I tend to dig deep. It sure wasn't telegraphed...you are correct.
Democrats have massive plans to blow through our money.
Big government is always better (cough).
Democrats have massive plans to blow through our money.
Big government is always better (cough).
The government has a chance to get revenue from the underground economy with so many people using those money handlers. Not like cash t***sferred at a garage sale. More and more people are using money t***sfer apps, which leaves a paper trail.
Apr 18, 2022 18:40:28 #
Longshadow wrote:
We heard last year of the PayPal types et. al., having to report monies t***sferred for sales. Nothing new in the past month or so. It was on the news.
I guess I need to pay closer attention... totally missed it until I saw the ad here for someone selling a Sony a9 and if someone wanted to do PayPal, he wanted a "friends and family" sale. I just went looking for the ad and noticed it was no where to be found.
Apr 18, 2022 18:44:21 #
47greyfox wrote:
I guess I need to pay closer attention... totally missed it until I saw the ad here for someone selling a Sony a9 and if someone wanted to do PayPal, he wanted a "friends and family" sale.
I heard it last year, but it doesn't apply to me. I don't use those apps.
But I did find it "nasty".
Apr 18, 2022 18:46:50 #
Longshadow wrote:
The government has a chance to get revenue from the underground economy with so many people using those money handlers. Not like cash t***sferred at a garage sale. More and more people are using money t***sfer apps, which leaves a paper trail.
The government has a chance to get revenue from the underground economy with so many people using those money handlers. Not like cash t***sferred at a garage sale. More and more people are using money t***sfer apps, which leaves a paper trail.
It's not the cash t***sfer from a garage sale which makes it exempt from taxes.
It's the fact that 99% of all garage items are sold at a loss.
Now pay a dollar for something which goes up in value to 1000...the IRS wants a cut.
Apr 18, 2022 18:56:05 #
Canisdirus wrote:
It's not the cash t***sfer from a garage sale which makes it exempt from taxes.
It's the fact that 99% of all garage items are sold at a loss.
Now pay a dollar for something which goes up in value to 1000...the IRS wants a cut.
It's the fact that 99% of all garage items are sold at a loss.
Now pay a dollar for something which goes up in value to 1000...the IRS wants a cut.
The cash t***sfer in a garage sale cannot be tracked easily... Nor me selling things, a leaf vacuum, to an individual who pays by cash or check.
So people selling photography stuff through/to places like KEH are actually making a profit over the original purchase on what they sold?
Loss doesn't matter, one sold something and had an income from the sale.
IRS wants a cut of ALL sales. It's just that they couldn't easily track them until now (the apps/middleman).
If I sold 25 items, each at a loss compared to what I paid for them, if the total revenue I received for ALL sales was over $600, it will be reported.
Apr 18, 2022 20:13:18 #
Longshadow wrote:
The cash t***sfer in a garage sale cannot be track... (show quote)
Bottomline.... the tax preparers are going to be happy. I'm selling stuff to MPB and KEH as I move my DSLRs out the door. And a few lenses at the same time. Most of the stuff I purchased via private sales that didn't involve receipts. I'm reconstructing a couple right now where my best record is the value claimed when I added it to my camera insurance.
Apr 18, 2022 20:18:09 #
I think I could sell my cassette deck for $2000 which I paid $1350 new in 1989. I do have the receipt for $1350 but the IRS makes me pay tax on the $650 they consider as profit? In fact I lose some money because the $1350 is 1989 is worth more than $2000 today.
Apr 18, 2022 20:26:21 #
BebuLamar wrote:
I think I could sell my cassette deck for $2000 which I paid $1350 new in 1989. I do have the receipt for $1350 but the IRS makes me pay tax on the $650 they consider as profit? In fact I lose some money because the $1350 is 1989 is worth more than $2000 today.
Sounds like cash sales will be once again king....
Apr 18, 2022 20:52:49 #
Apr 18, 2022 22:02:58 #
47greyfox wrote:
Sounds like cash sales will be once again king....
Apr 18, 2022 23:37:04 #
Longshadow wrote:
The cash t***sfer in a garage sale cannot be track... (show quote)
Loss does matter when dealing with the IRS selling gear...they don't care.
Now if you make a profit...they care.
It's just tightening the noose...it will continue.
Apr 19, 2022 07:20:30 #
Canisdirus wrote:
Loss does matter when dealing with the IRS selling gear...they don't care.
Now if you make a profit...they care.
It's just tightening the noose...it will continue.
Now if you make a profit...they care.
It's just tightening the noose...it will continue.
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