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you sell a piece of furniture, or a piece of jewelry, or any item for $600.
you are supposed to report that income, and now Paypal etal will send you the form.
You're still not getting it. Paypal will not send you the form unless you indicate this was a business transaction at the time of the sale. Just use the "family and friends" selection like millions of people do every day. It's NOT a business transaction if you are selling personal items at a loss.
Again, this is not a new tax, It's just a new form. For people operating a business.
Well somebody has to pay for all the lay abouts and Illegal Aliens.
This really bugs me because I buy and sell things online. I might buy a hobby related item at a yard sale for $10, fix it up and make it something special then sell it for $50. According to the rules I will have to show a receipt that I bought it for $10 then added paint etc, I work for free because it is a hobby and then sell it to make a few bucks to help fund my hobby.
Cash is King and I use it whenever I can.
It is crazy that the IRS wants to go after our crumbs.
you sell a piece of furniture, or a piece of jewelry, or any item for $600.
you are supposed to report that income, and now Paypal etal will send you the form.
Not necessarily. Personal transactions are not required to file. As others have said, Paypal has a "Friends and Family" option and if your buyer chooses that it will not be reported to IRS. Also, Zelle does not report anything.
Then pay taxes on your gross, it's no sweat at all off my brows. The government certainly could use the money if you want to give 'em it where you're not required.
Tell you what... I'll just tell 'em it wasn't income (which it wasn't, so I'm not lying) and when the IRS agent calls, I'll tell them that Malloric in CD Forums said that the IRS would just take my word for it and I wouldn't have to provide any documentation.
You're still not getting it. Paypal will not send you the form unless you indicate this was a business transaction at the time of the sale. Just use the "family and friends" selection like millions of people do every day. It's NOT a business transaction if you are selling personal items at a loss.
Again, this is not a new tax, It's just a new form. For people operating a business.
Problem there is that most buyers won't go for that since it offers them zero protection against fraud. Would YOU go for it after you shelled out a couple thousand for an item to a complete stranger?
Well somebody has to pay for all the lay abouts and Illegal Aliens.
This really bugs me because I buy and sell things online. I might buy a hobby related item at a yard sale for $10, fix it up and make it something special then sell it for $50. According to the rules I will have to show a receipt that I bought it for $10 then added paint etc, I work for free because it is a hobby and then sell it to make a few bucks to help fund my hobby.
Cash is King and I use it whenever I can.
It is crazy that the IRS wants to go after our crumbs.
This is not a new rule. If you are selling goods at a profit, record and subtract your expenses and claim the difference. Luckily you can probably write off most of it by claiming a home office, depreciation of your tools, etc. Business 101.
It makes no difference if you're a rich old codger having fun on ebay or if you invented a hot-selling product that is flying off the shelves and making you a millionaire. Pay your fair share, Democrat.
Even if you write checks by heck they will know. I am done buying and selling telescopes thanks to shipping prices. So now with this tax BS jess i am really done. I never used Pay pal anyWays.
I sold a guitar during the year for $1100. That guitar was purchased NEW by me in the past for $1800. Tell me how this is considered "income"?
If the IRS thinks I'm going to pay income tax on it, they can kiss off. All they get from me is the middle finger in that case. It is NOT income. I LOST money on it. And the money I used to buy it in the first place was ALREADY TAXED. Jesus, the feds make some STUPID rules.
Exactly right.
In the above case, I didn't have much choice--it's the only time I've used Paypal all year. And when the dems ban cash, I'll use gold. And when the dems ban gold, I'll barter. And when the dems ban barter, they can just come after me, execute me and burn my home down. I'm NOT paying income tax on non-income.
You get double taxed now. Taxed when ya buy sly and taxed when ya sell mel.
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