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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.
It's not $600 for one transaction that will be reported during tax time. If you sell a bunch of stuff over the year, and they total more than $600, you are expected to report it on your taxes next year when you file.
If you are selling items that are being shipped then you need to save your receipts for the shipping to deduct the shipping. Places like ebay is totalling the entire amount towards the $600.
I have been selling my personal stuff to pay the bills because I have no income. I have no idea what I paid for most of the stuff. I don't file taxes anyway since I have no income, but if I did have to file taxes for the stuff I sell this year, I would have to sell more than the standard deduction for it to matter, which would never happen.
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.
Definitely a part of it. It's a huge national shakedown.
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.
Contact the music department at your local high school. There are almost always kids looking to buy a guitar.
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.
It will drain regular people of their time and money. People will be stressed out and distracted. They won't be able to put up resistance to what is coming.
Bill Gates is buying up the farm land. Vaccine mandates for many to have jobs. Society is being clamped down. There are many pieces of the puzzle being put together. Because the pieces are smaller than the big picture, people are not going to see what is happening until the puzzle is more complete.
Apparently it's only if you run a business transaction on one of the apps. The cnbc article says:
Quote:
"Small business owners, those with a side hustle and others who receive commercial payments for goods or services through the apps will receive a 1099-K form from the payments apps..."
And:
Quote:
"The IRS is not requiring individuals to report or pay taxes on individual Venmo, Cash App or PayPal transactions over $600. "
Only if you have a business, the IRS computers are checking. Right?
You get a 1099-K only if you have commercial transactions? Does that many anyone who sold something online for over $600? Or only if you have a business and a federal EIN?
Anyone who sells a total of $600 or more on a site like ebay (total is gross and doesn't deduct fees and shipping costs) will receive the tax form.
Apparently it's only if you run a business transaction on one of the apps. The cnbc article says:
And:
Only if you have a business, the IRS computers are checking. Right?
I do not own a business and Paypal has asked me for a tax ID number after the funds for the watch I sold were deposited. I believe it is for any $600 or above transaction that is not done under the "friends and family" moniker.
Someone said it earlier - there is a reason they changed it from $20,000 and 200 business transactions to a flat $600 and it's precisely to get all of those "small fish". Sellers will get a 1099 and the IRS will get your money, however they have to.
If you think otherwise - what's your rationale for the change? Why is the dollar amount so low?
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