Laszlo the Mudjar Posted November 24, 2021 Share Posted November 24, 2021 (edited) On 11/21/2021 at 11:26 PM, Xenosmilus said: Can I subtract out storage of the comics for 30 years as an expense? Actually I’m sort of serious… Just entertaining thoughts from a random internet bloke. I am not a tax specialist by any shape or means, but I did stay at a Holiday Inn last night It's all about the expense side of the ledger. Can you imagine the nightmare of work for the IRS if they start investigating expenses associated with EBay sales? What if I paid $1k for an ASM 300 at a con, and all I got was a hand written paid slip on a generic sales form? The IRS has a history of accepting such forms already especially when it comes to hobby income. Keep good records, fill out the proper tax forms, and pay the man his $500 on your $5k in net hobby income, and you'll almost certainly stay under the radar. Now if selling on EBay is a true business for you then that's a different story, but if you're just a hobbyist this new tax form is a nuisance and nothing more. Edited November 24, 2021 by Laszlo the Mudjar Xenosmilus and WEBHEAD 2 Link to comment Share on other sites More sharing options...
WEBHEAD Posted November 24, 2021 Share Posted November 24, 2021 The funny thing... most of the posters are big time sellers... well on SS and a Pension I'm sure I'm not in the bracket your in, plus if you sell to a dealer I suppose you reported years ago. Perhaps cash or check, Ebay is going to become a haven for Business' not a neighborhood. Link to comment Share on other sites More sharing options...
WEBHEAD Posted November 24, 2021 Share Posted November 24, 2021 How many of us regular folk have a record of how much we paid for every book....not me. I hope that the new administration puts ir back to 10,000 $600 BS time to tax the RICH jimjum12 1 Link to comment Share on other sites More sharing options...
WEBHEAD Posted November 24, 2021 Share Posted November 24, 2021 (edited) "It's all about the expense side of the ledger. Can you imagine the nightmare of work for the IRS if they start investigating expenses associated with EBay sales? What if I paid $1k for an ASM 300 at a con, and all I got was a hand written paid slip on a generic sales form? The IRS has a history of accepting such forms already especially when it comes to hobby income." Spot on I can see them crack down on all those Estate/Garage Sales as well Edited November 24, 2021 by WEBHEAD Link to comment Share on other sites More sharing options...
GeeksAreMyPeeps Posted November 27, 2021 Share Posted November 27, 2021 On 11/24/2021 at 9:16 AM, WEBHEAD said: How many of us regular folk have a record of how much we paid for every book....not me. I hope that the new administration puts ir back to 10,000 $600 BS time to tax the RICH The change in the law didn't actually change the requirements for eBay sellers at all. It only changed the threshold a which a platform is required to report to the IRS. Doubtful that there would be any change to make it easier for the little guy to avoid paying taxes that he was already expected to pay. Link to comment Share on other sites More sharing options...
WEBHEAD Posted November 28, 2021 Share Posted November 28, 2021 Didn't I hear that the current administration was going to get rid of the R rule back to what it was? Link to comment Share on other sites More sharing options...
ADAMANTIUM Posted November 28, 2021 Share Posted November 28, 2021 On 11/28/2021 at 1:22 PM, WEBHEAD said: Didn't I hear that the current administration was going to get rid of the R rule back to what it was? news to me Link to comment Share on other sites More sharing options...
