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If you sell it for a loss you don't pay taxes on it. Didn't you read the thread? I bet you people overpay the IRS every year.
Man, you people still don't get it. Even after it has been posted a million times here on various threads. The biggest complaint here is unnecessary time and money being wasted on the documentation and submission of paperwork for something that should never have required that red tape in the first place. It's like the government requiring you to submit and "bathroom log" for all time spent in the bathroom taking a whiz or ****. It's ridiculous busy work that serves no purpose but to employ a bunch of unnecessary wokes at the IRS looking to screw those deplorables that believe in individual liberty and/or those who don't want to be taxed half a dozen times on the same items.
Sure Bronco. It would cost prohibitive for them to go after every small fish in the sea, but keep that worrying going.
Really? The new rule, by it's own definition, goes after the "small fish". You don't think they won't take it a step further and make the rule apply to any transaction?
Man, you people still don't get it. Even after it has been posted a million times here on various threads. The biggest complaint here is unnecessary time and money being wasted on the documentation and submission of paperwork for something that should never have required that red tape in the first place. It's like the government requiring you to submit and "bathroom log" for all time spent in the bathroom taking a whiz or ****. It's ridiculous busy work that serves no purpose but to employ a bunch of unnecessary wokes at the IRS looking to screw those deplorables that believe in individual liberty and/or those who don't want to be taxed half a dozen times on the same items.
They're hoping you'll think it isn't worth the time to prove you don't owe the tax, so that you'll just pay it. The time value of money equation comes into play, here.
Yep. I have a couple of unwanted items to sell. Right now, they are just sitting there in the way. Normally I would have put them online. I'm tempted just to throw them in the trash.
One item is a guitar that I figure is worth about $800. My choices to sell it are limited:
1) Sell it on Ebay or Reverb for a $599 and take the loss.
2) Get cute and put two listings--one for the strings at $300, and one for the stringless guitar at $500 and require that both listings must be bought together or the sale will be canceled.
3) Sell on a local newspaper online want ad site (free listing). I don't like doing this because I've had some very sketchy respondents in the past. Don't want that type of person knowing where I live. I could "meet" the person somewhere, but then it may look like I'm selling stolen goods to the other person.
4) Get experimental with a site like Ebay or Reverb and charge $400 for the guitar and $400 for shipping. I'm really not sure how Ebay would interpret that. And I'm not willing to find out by trying it.
5) Take it to a local music store and have them sell it. Unfortunately, that generally means months waiting and a high consignment fee.
6) Throw the guitar in the trash, swing the middle finger towards Washington DC, and utter a profanity. Unfortunately, other than making me feel better, that doesn't help anything and I simply lose $800.
Yep. There is a lot to be said for that sort of medium, including want ads in print newspapers. Unfortunately, the audience is miniscule at this point. Maybe that will change with this sort of draconian crap coming from the government. As I've said so many times on this forum, I wish we could go back to the tech and styles of 1975.
All three of the bolded will still result in the transaction being reported to the IRS. What is being reported is all transactions over $600. It has nothing to do with whether it’s merchandise or shipping. When you file your taxes you will have the opportunity to file in a way that accounts for expenses associated with the transaction if you chose to do so instead paying taxes on the whole amount. They are trying to find off record online stores to tax.
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Really? The new rule, by it's own definition, goes after the "small fish". You don't think they won't take it a step further and make the rule apply to any transaction?
Yes, Bronco. Because the government is going to pay someone $50k+ to worry about the little guys
I don't know what's more ridiculous...
These claims that the IRS want to waste their time with audits that will net them maybe a few hundred dollars
or
These people that sell thousands of dollars of furniture on a daily basis. For the record, I can't think of a single friend or family member that has such a side 'hobby' that randomly sells this much stuff. And those ebay sellers are mostly in business, not to mention it's an extremely small percentage of the population.
Sure Bronco. It would cost prohibitive for them to go after every small fish in the sea, but keep that worrying going.
The IRS is a government agency and hiring thousands of agents. The cost of something is the least of their concerns.
They aren't hiring them to just sit at a desk and twiddle their thumbs. They may not go after EVERY "small fish" but they are going to be having a lot more poles in the water to catch as many as they can.
Yes, Bronco. Because the government is going to pay someone $50k+ to worry about the little guys
I don't know what's more ridiculous...
These claims that the IRS want to waste their time with audits that will net them maybe a few hundred dollars
or
These people that sell thousands of dollars of furniture on a daily basis. For the record, I can't think of a single friend or family member that has such a side 'hobby' that randomly sells this much stuff. And those ebay sellers are mostly in business, not to mention it's an extremely small percentage of the population.
But you do you Bronco.
Boy are you clueless - there is a good portion of society that sell on these platforms and why so many more platforms have opened and are doing well the past few years. Poshmark, Mercari, Grail, Shopify. A private individual can list their products on Walmart and Sears now - Amazon showed them how profitable it can be.
Check youtube - thousands of online sellers of used merchandise, videos of how to sell on these platforms to get rid of items you don't use or need anymore. This grew with all the lock down we had.
I've sold on many of these platforms throughout the years getting rid of old or outgrown clothes, toys ect but it's just not worth it anymore. They set a $600 for a reason - so don't think they aren't looking for the little guy - Biden's administration has to make back the money they spent on shutting down the economy and giving everyone pocket money.
I have trouble believing the IRS will actually waste their time and resources to track down $600 worth of unreported income.
It's all computerized now - these platforms send in the 1099 - all the IRS has to do is match it with that person's tax return and see if they declared it as income.
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