Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
65 pages in and people like you don't get it. Any way you slice it, the law is a new burden on thousands of Americans who sell personal items at a loss which has never been taxable. They will now have to pay more of their hard earn money for tax software or hire a CPA. Not to mention the added time and stress of trying to track down receipts. Furthermore, companies like Ebay are probably going to have to raise their fees to compensate for the financial hit that this law will give them so it really hurts everyone who sells online.
NO, it's not a new tax, but it sure as heck means people are having to pay more.
If you sell at a loss, you don’t pay anything period. And you don’t need new software or a CPA. You simply document what you sold and an approximation of what you paid. Take a picture of what you sold. Pretty simple. IF you happen to get audited (big IF - probably won’t happen to a casual seller of used goods), you can explain it pretty easily.
So you think there is a world where poor people are making enough 600 dollar sales that they have a business VENMO or PAYPA: acct.....so they will get the new form?
Maybe they aren't so poor right?
Be clear -- this is not a new tax. It is just a new system for reporting revenue income.
IF you are poor -- this will not make you poorer. Whatever you are doing you are poor and if you are poor enough you don't worry about paying tax right?\
65 pages in and people like you don't get it. Any way you slice it, the law is a new burden on thousands of Americans who sell personal items at a loss which has never been taxable. They will now have to pay more of their hard earn money for tax software or hire a CPA. Not to mention the added time and stress of trying to track down receipts. Furthermore, companies like Ebay are probably going to have to raise their fees to compensate for the financial hit that this law will give them so it really hurts everyone who sells online.
NO, it's not a new tax, but it sure as heck means people are having to pay more.
I'm pretty sure you don't have a clue as to the actual cost the new reporting will be fore vendors.
But I suspect you are overstating the 'financial impact'. It will be nominal.
So their code will change the limit amt. for issuing a 1099 -- that's all. It really isn't going to be cost prohibitive.
It hurts people who sell online and who don't want to port their revenue.
I'm just getting up to speed with this. I understand that if you get payments for services rendered (for example, I pay my cleaning person by Venmo), that you need to report them. But am I reading correctly other items (goods) also need to be filed? For example, I sold some older iPads, a pair of speakers and an Apple TV on eBay. That's all somehow taxable if I made a gain? How on earth am I supposed to keep track of my "gains"?
So you think there is a world where poor people are making enough 600 dollar sales that they have a business VENMO or PAYPA: acct.....so they will get the new form?
Maybe they aren't so poor right?
Be clear -- this is not a new tax. It is just a new system for reporting revenue income.
IF you are poor -- this will not make you poorer. Whatever you are doing you are poor and if you are poor enough you don't worry about paying tax right?\
65 pages in and people like you don't get it. Any way you slice it, the law is a new burden on thousands of Americans who sell personal items at a loss which has never been taxable. They will now have to pay more of their hard earn money for tax software or hire a CPA. Not to mention the added time and stress of trying to track down receipts. Furthermore, companies like Ebay are probably going to have to raise their fees to compensate for the financial hit that this law will give them so it really hurts everyone who sells online.
NO, it's not a new tax, but it sure as heck means people are having to pay more.
This isn't any different than when you didn't get charged sales tax on online purchases. I bought hundreds and hundreds of dollars worth of stuff on Amazon, EBay, etc and never got charged sales tax, until it changed in 2017. But just like this, 2017 changes did not add new taxes, because I was supposed to declare those purchases on my state income tax form and pay them then. But nobody did that, so they changed the reporting and started requiring online stores to start charging and paying sales tax. It resulted in the poor and everyone else paying more for what they bought, but it wasn't a new tax.
My nephew used to buy cigarettes online from an Indian reservation. For at least a couple of years. Then Chris Christie got wise to it, demanded a list of customers from these reservations, and started sending them tax bills. My nephew got a $700-something tax bill.
But it wasn't a new tax, it was something my nephew should have been declaring and paying taxes on based on the laws we already had, but didn't. Just like the thousands of others who bought cigarettes online.
Is selling a used couch that has been collecting dust in the basement a "small business"? Is that the old coot's dementia kicking in or is he so stupid he actually does think that.
I'm sure I'm not the only one who will no longer be using the internet at all when I sell a personal item I no longer want. Cash only. No paperwork. No digital trail. Nothing. I don't pay taxes on things I've already paid taxes on, IDIOT Biden. You can stick that $600 into the goo inside your Depends.
It doesn't apply if you're selling an item at a loss. So unless that used couch is a collectible worth more now than when you bought it, there is no tax attached to it. Very few personal items are going to be worth more when you sell them than when you bought them, so you don't have to worry about taxes when you sell them.
"The new rule is only for goods and services transactions, not personal, such as paying a roommate for rent or reimbursing a friend. It also excludes anyone selling a personal item at a loss, such as a couch bought for $700 and sold for $650."
It doesn't apply if you're selling an item at a loss. So unless that used couch is a collectible worth more now than when you bought it, there is no tax attached to it. Very few personal items are going to be worth more when you sell them than when you bought them, so you don't have to worry about taxes when you sell them.
"The new rule is only for goods and services transactions, not personal, such as paying a roommate for rent or reimbursing a friend. It also excludes anyone selling a personal item at a loss, such as a couch bought for $700 and sold for $650."
But you now may have the hassle of proving it was something you sold at a loss.
The Republicans need to repeal this thing with the huge spending bill they are about to pass or bring it back to where it was.
Do you think that someone who makes $19,000 in a year from DoorDash shouldn't pay taxes on that income, since it won't be reported?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
