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I doubt most people here are concerned with an "online seller" (as in a business) being taxed. We would all expect that, right or wrong. What most people are pizzed about (including me) is that I am going to have to report a sold sofa or barstool as "income" unless I submit a bunch of pointless paperwork to "prove" that the sold barstool wasn't me trying to cheat the IRS out of a couple pennies. The morons are stupid enough to spend millions to wring a couple bucks out of someone selling a sofa that has been collecting dust in the basement for a decade... well, that is unless the serfs want to submit a bunch of tax mumbo jumbo XXXX forms to prove themselves innocent.
Plain STUPIDITY. But would anyone expect anything different from a dysfunctional government such as ours?
You do not have to submit paperwork unless you get audited. What isn't clear about that? You never submit supporting paperwork on your returns in any case.
Every billionaire on earth has declared $1,000,000 less income than earned... regularly. They only get caught after cheating $10,000,000 plus. Then the lawyers help out and no prison.
Donald Trump said sure he takes advantage of every loophole available to pay as little taxes as possible. I say Go, Trump! When asked why, at least he was polite enough to say he didn't like the way the government spent the tax dollars. Again, Go Trump!
Anyone who is not dead from the neck up does the same if they can. If they don't, well they are dead from the neck up and therefore a complete blooming idiot.
I do not pay a penny more than I have to in taxes even though yes it involves more time with more paperwork to be done. I also don't approve of the government's handling of this easy windfall for them and I've said this for years - long before I heard Trump say it. But it did do my heart good to hear it from someone who had the platform to say it where millions could hear it said. Go Trump!
Not hard? Ok. Starting Jan 1st when you sell your personal items at a loss you are going to have to fill out tax forms like any business would even though you DON'T run a business. Keep detailed records too in case you get audited. Yep, easy peasy.
Not taxable, but I looked it up (below) and the IRS has never required that you even report sales of personal items sold at a loss. Now any items totaling $600 over an entire year will generate a 1099-K and will need reported. People can argue, but this is still a HUGE change. It will get interesting next year when people get surprised with these forms.
Oh its a disaster and the GOP should campaign on it next year.
Neither is abstract algebra and real analysis. If you want to sit down and learn the stuff. That's not the point, easy or not. You should not be required to do such nonsense. There is absolutely NO reason that anyone should be having to fill out a tax form because they sold an old couch or guitar that had been in the basement for ten years. I understand that such would probably (note, I said "probably") not be charged as income. That is not the problem. The problem is having to do ANYTHING as far as tax reporting and filling out a bunch of lame forms for nothing. I don't work for nothing. My time is valuable to me and it infuriates me to tears when I'm told I have to jump through a bunch of hoops for NOTHING. How about if I charge the IRS for my wasted time?
Quote:
Originally Posted by motownnative
Not hard? Ok. Starting Jan 1st when you sell your personal items at a loss you are going to have to fill out tax forms like any business would even though you DON'T run a business. Keep detailed records too in case you get audited. Yep, easy peasy.
Not taxable, but I looked it up (below) and the IRS has never required that you even report sales of personal items sold at a loss. Now any items totaling $600 over an entire year will generate a 1099-K and will need reported. People can argue, but this is still a HUGE change. It will get interesting next year when people get surprised with these forms.
Income resulting from auctions akin to an occasional garage or yard sale is generally
not required to be reported. However, there may be exceptions. If an online garage sale
turns into a business with recurring sales and purchasing of items for resale, it may be
considered an online auction business.
Quote:
Originally Posted by KevinE
Oh its a disaster and the GOP should campaign on it next year.
It's ridiculous.
The residents of the North American British Colonies revolted and fought a revolution over far less bullchit than we put up with now. Far less. Filling out another useless form that serves no useful purpose other than spying on the citizenry (and possible bilking a few more bucks from his or her wallet to pay to support druggie thugs who won't work, other than looting Walgreens) is one step closer to a reasonable person's breaking point.
Since the mid 2000’s I have bought vinyl records from other sellers online using PayPal. I paid for those items with my wages that were already taxed. If I decide to sell them online using PayPal I have to pay taxes on what I get for those records I sold? That means I’m getting taxed twice!!
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