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Old 12-11-2022, 11:54 AM
 
41,109 posts, read 25,831,806 times
Reputation: 13868

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Quote:
Originally Posted by yspobo View Post
It's $600 for the year, not per transaction.
I could easily sell things that I no longer use and go over the $600.

 
Old 12-11-2022, 12:20 PM
 
41,109 posts, read 25,831,806 times
Reputation: 13868
Quote:
Originally Posted by 2sleepy View Post
You wouldn't pay sales tax when you sell it, the buyer would

1099-k
How much taxes do you pay on a 1099-K? - 15.3%
Paying taxes as a 1099 worker

As a 1099 earner, you'll have to deal with self-employment tax, which is basically just how you pay FICA taxes. The combined tax rate is 15.3%.

https://www.hrblock.com/tax-center/i...s-form-1099-k/
 
Old 12-11-2022, 12:26 PM
 
Location: Hillsboro Beach
1,659 posts, read 1,660,467 times
Reputation: 1580
Democrats with their Socialist Democracy and their Marxist implementations need more of our money for their corruptions because their money laundering is not even enough.
 
Old 12-11-2022, 01:18 PM
 
Location: Buckeye, AZ
38,933 posts, read 24,017,207 times
Reputation: 14125
Quote:
Originally Posted by EarthBound? View Post
But leftist MSM just hide all lies
So does the right wing outlets when they push Republican talking points. Nobody who bashes the media ever good right outlets to the same standard...
 
Old 12-11-2022, 01:22 PM
 
15,686 posts, read 7,714,469 times
Reputation: 19573
Quote:
Originally Posted by andywire View Post
According to the president who supposedly pushed this garbage legislation, half the country is highly dangerous extremists hell bent on overthrowing the country. No way in hell would I take anyone's word for it that I should just "trust". Every single generation of Americans before us knew better than to just trust government blindly. I don't know how we became this naive as a nation.
Are you arguing that all 87,000 new IRS employees over the next 10 years will armed? That's ridiculous. How many employees do you think the IRS should have? What "garbage" legislation are you talking about?
 
Old 12-11-2022, 01:23 PM
 
19,772 posts, read 10,217,057 times
Reputation: 13147
Quote:
Originally Posted by 2sleepy View Post
You wouldn't pay sales tax when you sell it, the buyer would
But under the new rules I would pay income tax on it.
 
Old 12-11-2022, 01:23 PM
 
15,686 posts, read 7,714,469 times
Reputation: 19573
Quote:
Originally Posted by Floorist View Post
No I am not ok with paying taxes on my carpet tools. But under the new rules, I would have to.
Why would you have to pay taxes on your tools when you sell them? If they sell for less than you paid, there's no tax due. Now, if you wrote off the tools as a business expense, then there is tax due, and that tax has always been due.
 
Old 12-11-2022, 01:24 PM
 
Location: Metro Detroit, Michigan
29,959 posts, read 25,085,073 times
Reputation: 28685
Quote:
Originally Posted by WRM20 View Post
Why would you have to pay taxes on your tools when you sell them? If they sell for less than you paid, there's no tax due. Now, if you wrote off the tools as a business expense, then there is tax due, and that tax has always been due.

People keep explaining to you that normal people don't save receipts for 20 years.
 
Old 12-11-2022, 01:25 PM
 
19,772 posts, read 10,217,057 times
Reputation: 13147
Quote:
Originally Posted by WRM20 View Post
Why would you have to pay taxes on your tools when you sell them? If they sell for less than you paid, there's no tax due. Now, if you wrote off the tools as a business expense, then there is tax due, and that tax has always been due.
All transactions over $600 would be taxable.
 
Old 12-11-2022, 01:25 PM
 
15,686 posts, read 7,714,469 times
Reputation: 19573
Quote:
Originally Posted by Floorist View Post
Many of those transactions are not actually income. If I sell something I bought ten years ago and paid sales tax when I bought it, why should I pay taxes when I sell it?
Why do you bring up sales tax? There's no sales tax in this discussion, since it's Federal, not State. Sales tax is irrelevant, other than it raises the original cost, potentially reducing any Federal income tax due on the sale.
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