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I completely forgot about this and just sold a $1000 watch , and took payment via Paypal. Along with the email I received alerting me I had funds, I got one for adding my "tax ID number".
" The IRS let us know that the name and tax ID number listed in your PayPal account doesn't match their records. The IRS requires this info for anyone who receives payments of $600 or more for goods and services."
Wonderful. So now I pay sales tax when I purchase the item, and then Federal taxes when I sell it ? SMH...
I completely forgot about this and just sold a $1000 watch , and took payment via Paypal. Along with the email I received alerting me I had funds, I got one for adding my "tax ID number".
" The IRS let us know that the name and tax ID number listed in your PayPal account doesn't match their records. The IRS requires this info for anyone who receives payments of $600 or more for goods and services."
Wonderful. So now I pay sales tax when I purchase the item, and then Federal taxes when I sell it ? SMH...
#LGB !
Save your receipts, you’ll be able to deduct the cost, including taxes, minus depreciation from your sale. I’m sorry, I have no issue with this. Pawn shops and consignment stores that are brick and mortar have had to pay those taxes and you are unfair competition.
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Save your receipts, you’ll be able to deduct the cost, including taxes, minus depreciation from your sale. I’m sorry, I have no issue with this. Pawn shops and consignment stores that are brick and mortar have had to pay those taxes and you are unfair competition.
Unfortunately this was purchased 15 years ago...the receipt is long gone. Well, it looks like cash (is always king) or USPS money orders for payment for anything sold from now on.
Unfortunately this was purchased 15 years ago...the receipt is long gone. Well, it looks like cash (is always king) or USPS money orders for payment for anything sold from now on.
See if this helps -
From Turbo Tax:
Quote:
Do I have to report personal items that I sold?
Only if you sold it for more than what you originally paid.
Most of the time, personally-owned stuff like cars, appliances, clothing, furniture, and other household items decrease in value after the initial purchase. If you later sell them, it's almost always for less than what you paid, so there's no gain to report. There's also no loss. The IRS won't let you deduct losses on personal items.
Here's an example: you purchased a vintage nut grinder for $5 in 1972 and recently sold it on eBay for $75. You'd have to report the $70 profit as an investment sale.
What about selling a gift? Or something I got for free?
The original purchase price is considered to be what the giver — not you — paid for it.
If you received a $100 espresso machine as a wedding gift and later sold it for $25, there's nothing to report.
On the other hand, if you sold your espresso machine for $250, you'd report the $150 profit as an investment sale ($250 selling price minus the $100 purchase price paid by the giver).
It seems that you could call it a gift and look up the original value.
__________________
When I post in bold red that is moderator action and, per the TOS, can only be discussed through Direct Message.
Save your receipts, you’ll be able to deduct the cost, including taxes, minus depreciation from your sale. I’m sorry, I have no issue with this. Pawn shops and consignment stores that are brick and mortar have had to pay those taxes and you are unfair competition.
So let's see...
If I bought a mountain bike for $800 in 2013, and sold it for $600 in 2022 I guess I am just out of luck if I didn't think ahead and know I would need a receipt in 2022 to show that when I sell it that it would be at a loss.
What about the "soft" costs. What if someone used to just file a simple return? Now they have to spend more time(and likely more money) to prove that they actually don't owe money.
The IRS only requires you to keep records for 7 years...so now what? I wouldn't even need that receipt in normal situations. Yet now I do? I guess I need to buy another file cabinet to hold the receipt for every purpose just in case I decide to sell it.
By the way, if someone is actually making a living and getting paid through these type of apps they should be taxed. But once again it is the binary thinking of the Liberals who instead of seeing a grey area treat everything as black and white that throws just about everyone under the bus, and that is the issue.
Who was under the impression that Brandon was going to make your lives easier instead of harder?
We are having a lot of inflation for a reason. Everyone is going through the same thing you folks are. They are raising their prices, as the cost of doing business has gone up. As mentioned, many people have been paying their taxes this way for decades now. They know the rules and play by them. You are now expected to do the same. So you have a few options... Don't sell your crap for cheap, don't sell it at all, or accept smaller profits or prepare to incur a loss.
Basically, what you guys are complaining about is having to pay income tax, and having a government treat you like a business instead of someone just trying to sell a few used items here and there. Guess what? I don't like it either. I wish we could go back to a strict consumption only tax, but government can't cut their budgets in half during recessions. Certainly not ours anyways.
Thank god. I was worried the fed govt was going to run out of everyones money.
LOL
"You must spread around some reputation before giving some to Frank DeForrest"
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