NewWorldOrder

Its a miracle one person in this thread who gets it. Well to be fair so does @FlyingDonut and @namisgr

Read between the lines of the whole thread. That's is what everyone that is complaining about has said without saying it in written form. Who cares about the threshold and the forms. Report your sales is the threshold. Many people here (maybe not you) absolutely believed that if they sold under the threshold then they would not have to report their sales and keep it all. That is what going on here. Hence why this thread was started. Crying about 20k going to just $600. Yes many people thought they could sell $19,999.99 and keep it all and not worrying about keeping sales records. That is just nonsensical to think that way.

There is no point to this thread. It's people complaining they cant keep their profits and not wanting to pay state and fed taxes. Never said they dont care about 5k. Where did I say that? I was going by the example others laid about about the selling a comic book for $500 bucks and having panic attacks about not having the paperwork proving what they paid for it.

Right, but again whether they send the form or not what does it matter to you on your taxes? Income is income. If I sold 1K on whatnot or ebay I am supposed to report it is my point.

I was at WM back in Philly (where I am from) back in 1999, so I will actually be watching this year since its back in Philly for the 2nd time!

So what does this change then for you?

I don't understand what you mean. The Feds went from asking about a $500 comic book to he lost everything? CMP sucks. God I hate him now! Triple H embarrassed him and it was glorious back in early 2010's

I dont think that would happen most of the time though, could it? Sure Maybe with AI coming that will make every dollar easily to track.

You dont get a full blown audit you get a friendly letter like @Ryan. said. Really not a big deal. #1 red flag to get audited = you dont even file your taxes.

Wesley snipes? Again point being if someone forgot to report their saving account interest of $150 for the year 2023 I wouldnt lose sleep over it.

You are supposed to do that if you did $100 in ebay sales. All sales from $1.00 to $1 billion technically are supposed to be reported. Who cares about the threshold. That is just an eBay paperwork required of them by the Govt.

So the IRS will always do that the vast majority of the time? The answer is generally no is my point.

The threshold has and always been is you make a $1.00 Profit you are supposed to report it on your taxes. BTW I hate big govt. Jut stating the rules of USA tax life. I cut my grandmothers grass when I was a kid. Yes they want their cut

I would be filing separately then, unless you are saving money by combining. My point is even more true. $500 comic really doesnt even matter to that return then.

@greggy

Honestly @greggy just start your own CGC TaT thread. "current turn around rates at CGC with Greggy's submissions". Way more useful (not joking) and close this thread. BTW Slow-Track Magazine invoice Delivered to CGC yesterday Received in my CGC account today SFG

What is the number #1 thing on the mind of every IRS employee that comes into work each day? Same as mostly all employees in history of the world. "Whats the threshold for how long my lunch time is?" The vast majority of the time they don't give 2 hoots about your $500 comic book. Report the $500 on your taxes, and if you don't have the purchase paperwork from the year 1985 then give it your best college guess and call it life. Not that hard.

All I see in this thread is a bunch of worry warts. Do you actually think the USA Gov't is going to spend their time and resources on that? Come on now. Literally just give it your best guess on how much you paid and write in the expenses box and call it life. I love how most comic collectors can tell you exactly who and what con they bought their ASM 300 at, but yet when it comes to remembering what they a paid it slips their mind.....

Correct and that really not too much effort. Takes 5 seconds. BTW $500 to the US Govt is basically .00000000000000000000000000000000000000000000000000000000000000000000000000000000001. They are 110% not going to audit you if you report the $500, and make you provide paperwork on those expenses you deducted where you claim the profit was $200. 500K a year? Yes you should have all your expenses and be organized.

This thread is great If they raised the threshold to 50K most of you here from the posts I have read would think the Gov't would allow you to keep your profit as long as your gross sales were kept under 50k, and they didn't send you a 1099.

Then you owe nothing.

no no no, you must have March CGC invoices now. You are still it! You are still on the clock!

Tag your it

You will never go broke taking a profit. People most of the time should be buying and selling every day possible. #1 Reason for that: Every day you live could be your last and is guaranteed to be one day closer to your death.

Let me tell you all something... This movie is pretty fun! If you combined The Punisher & Michael Myers from Halloween and you have the main character! I can't wait to own this movie. I also recommend watching Jason in the movie Wrath of Man as well.