Beige Posted March 8, 2021 Share Posted March 8, 2021 Capital gains tax. On houses - you own it a year, and live in it for a year - no CGT payable. What about comics? Just because i had the foresight to buy say a Tec #66 10 yrs ago - when I sell it, should I have to pay tax on the gains? After 10 years? And of course, 10 yrs ago - no receipts, and any electronic records are long gone. I have quite a few $5000+ books I bought quite some time ago - surely, I don't pay tax on some early ASM I held onto since I was a kid? Any info on capital gains tax would be appreciated. Link to comment Share on other sites More sharing options...
OdinsSecrets Posted March 8, 2021 Share Posted March 8, 2021 4 minutes ago, Beige said: Capital gains tax. On houses - you own it a year, and live in it for a year - no CGT payable. What about comics? Just because i had the foresight to buy say a Tec #66 10 yrs ago - when I sell it, should I have to pay tax on the gains? After 10 years? And of course, 10 yrs ago - no receipts, and any electronic records are long gone. I have quite a few $5000+ books I bought quite some time ago - surely, I don't pay tax on some early ASM I held onto since I was a kid? Any info on capital gains tax would be appreciated. You pay taxes when you sell it, same as with a house. 10 years passing doesn't change tax obligations. Same as if I had the foresight to buy $APPL or $TSLA 10 years ago, holding it for a long time doesn't mean I don't have to pay taxes. fastballspecial 1 Link to comment Share on other sites More sharing options...
The Lions Den Posted March 8, 2021 Share Posted March 8, 2021 1 minute ago, OdinsSecrets said: You pay taxes when you sell it, same as with a house. 10 years passing doesn't change tax obligations. Same as if I had the foresight to buy $APPL or $TSLA 10 years ago, holding it for a long time doesn't mean I don't have to pay taxes. Link to comment Share on other sites More sharing options...
Beige Posted March 8, 2021 Share Posted March 8, 2021 Lucky I live in Australia it seems - under $500 buying price, and all acquired before 1995 are CGT exempt. Thankfully, thats about 70% of my keepers. Tax on the other 30% - I can live with that. As Per Australian Tax Office: Collectables Collectables include the following items used or kept mainly for the personal use or enjoyment of you or your associates: paintings, sculptures, drawings, engravings or photographs; reproductions of these items; or property of a similar description or use jewellery antiques coins or medallions rare folios, manuscripts or books postage stamps or first day covers. A collectable is also: an interest in any of the items listed above a debt that arises from any of those items an option or right to acquire any of those items. You disregard any capital gain or loss you make from a collectable if any of the following apply: you acquired the collectable for $500 or less you acquired your interest in the collectable for $500 or less before 16 December 1995 you acquired an interest in the collectable when it had a market value of $500 or less. OdinsSecrets and SkOw 2 Link to comment Share on other sites More sharing options...
Popular Post NWOslave Posted March 8, 2021 Popular Post Share Posted March 8, 2021 4 hours ago, nochips said: According to this link file:///C:/Users/Stuart/AppData/Local/Temp/Technical-Explanation-of-Section-9674-of-HR-1319.pdf They want to drop the $20,000 reporting threshold for IRS 1099 reporting to $600.00 a year. That means every ebay seller with total yearly aggregate sales over $600.00 is getting a 1099. That is nuts. This will kill ebay and force people to buy and sell with checks and money orders on non affiliated sites, Facebook, the CGC boards, etc.. This is the government thinking they can raise taxes by going after the guy selling stuff in their basement. Ebay was built on that seller. If this bill passes ebay sales will plummet. I know I will not be selling on there ever again. This will ruin some online portals, just ruin them. yo bro. can you give me your public ip address, turn on rdp access in windows so i can remote in and read the pdf you have saved on your computer? bc, fastballspecial, sd2416 and 2 others 4 1 Link to comment Share on other sites More sharing options...
zosocane Posted March 8, 2021 Share Posted March 8, 2021 12 minutes ago, NWOslave said: yo bro. can you give me your public ip address, turn on rdp access in windows so i can remote in and read the pdf you have saved on your computer? Just search HR 1319. Link to comment Share on other sites More sharing options...
zosocane Posted March 8, 2021 Share Posted March 8, 2021 "Explanation of Provision This provision lowers and modifies the threshold below which a third party settlement organization is not required to report payments to participants in its network. Under the provision, for any calendar year, a third party settlement organization is required to report third party network transactions with any participating payee that exceed a minimum threshold of $600 in aggregate payments, regardless of the aggregate number of such transactions. Third party network transactions include any commercial transactions settled through a third party payment network. The provision also clarifies that third party network transactions only include transactions for the provision of goods or services (e.g., personal gifts, charitable contributions, and reimbursements are not included). For example, an individual who has registered for a mobile payment service and uses such a service to reimburse friends or relatives for expenses, or on occasion sells a used item to another person, would not be engaging in transactions that are subject to reporting requirements. However, if that individual were to register with such mobile payment service for the purposes of engaging in commercial transactions, such as regularly carrying on a trade or business through use of that service, the mobile payment service would be required to report under the provision. Effective Date The part of the provision that lowers and modifies the reporting threshold is effective for returns for calendar years beginning after December 31, 2021." NWOslave 1 Link to comment Share on other sites More sharing options...
nochips Posted March 8, 2021 Author Share Posted March 8, 2021 https://www.jct.gov/publications/2021/technical-explanation-of-section-9674-of-hr-1319/ 14 minutes ago, NWOslave said: yo bro. can you give me your public ip address, turn on rdp access in windows so i can remote in and read the pdf you have saved on your computer? There is a link to download the pdf on this page: Link to comment Share on other sites More sharing options...
bc Posted March 8, 2021 Share Posted March 8, 2021 Just now, zosocane said: Just search HR 1319. He's jokingly pointing out that Stuart linked a file from his local computer. file:///C:/Users/Stuart/AppData/Local/Te -bc NWOslave 1 Link to comment Share on other sites More sharing options...
Popular Post nochips Posted March 8, 2021 Author Popular Post Share Posted March 8, 2021 4 hours ago, shadroch said: Anything to evade paying your fair share of taxes. How patriotic. Wow. You assume I do not pay my fair share of taxes? Why is that? In my opinion I pay my fair share of taxes and don't think taxing total sales over $600.00 is patriotic. It's nonsense. I can't believe you wrote that. mysterymachine, roach04, kpaqu1 and 10 others 11 1 1 Link to comment Share on other sites More sharing options...
nochips Posted March 8, 2021 Author Share Posted March 8, 2021 8 minutes ago, bc said: He's jokingly pointing out that Stuart linked a file from his local computer. file:///C:/Users/Stuart/AppData/Local/Te -bc I may not be a computer whiz but I know when Uncle Sam is reaching in my pocket for more $$ bc, taro90 and MrWalkingDead 3 Link to comment Share on other sites More sharing options...
bc Posted March 8, 2021 Share Posted March 8, 2021 2 minutes ago, nochips said: I may not be a computer whiz but I know when Uncle Sam is reaching in my pocket for more $$ States get local taxes from the buyers, the IRS will get federal taxes from the sellers. All these new 1099's are going to blow up the antique IRS computer system. -bc Link to comment Share on other sites More sharing options...
snitzer Posted March 9, 2021 Share Posted March 9, 2021 Cash, check, MO...forum sales, Craigslist, cons, etc. Get it done by any other means possible (yeah, this tax rule sucks and I already pay my fair share) Link to comment Share on other sites More sharing options...
the blob Posted March 9, 2021 Share Posted March 9, 2021 4 hours ago, october said: I pay taxes every year on my sales, but I need another 1099 like I need a hole in my head. Old school check/money order rule deployed. This is an easier game with higher end stuff. Those of us flipping hot books that we paid $1 for... While the other 24 I paid $1 for sit in inventory waiting to be worth the bother, including mid 90s purchases and, Criminey, 70s and 80s buys, this is a clusterphuck. I just wonder when one is a sole proprietorship running a small business with inventory costs, etc vs. Capital gains taxes investor. Many of us just pay for the next round of stuff with the last round of sales. Were we a comic shop we wouldn't be showing a profit and would pay no taxes. When is your business regular enough to qualify? 50 sales a month? 100? Link to comment Share on other sites More sharing options...
THE_BEYONDER Posted March 9, 2021 Share Posted March 9, 2021 6 minutes ago, the blob said: This is an easier game with higher end stuff. Those of us flipping hot books that we paid $1 for... While the other 24 I paid $1 for sit in inventory waiting to be worth the bother, including mid 90s purchases and, Criminey, 70s and 80s buys, this is a clusterphuck. My 90-day-total is just over $600, and all I’ve been doing is plucking books from my long box $1 bin fodder. Link to comment Share on other sites More sharing options...
NWOslave Posted March 9, 2021 Share Posted March 9, 2021 Two thoughts, 1. The USA government is owned by big corporations. I wonder if ebay will exert any muscle to make sure this bill is squashed as it would sevearly impact their business. 2. Assuming it passes how much more information would ebay need to send sellers a tax form? Anyone want to give ebay your social security number? Or other personal identifying info? taro90 and F For Fake 2 Link to comment Share on other sites More sharing options...
THE_BEYONDER Posted March 9, 2021 Share Posted March 9, 2021 3 minutes ago, NWOslave said: Two thoughts, 1. The USA government is owned by big corporations. I wonder if ebay will exert any muscle to make sure this bill is squashed as it would sevearly impact their business. 2. Assuming it passes how much more information would ebay need to send sellers a tax form? Anyone want to give ebay your social security number? Or other personal identifying info? Doesn’t the new managed payments system already require your SIN? Keys_Collector 1 Link to comment Share on other sites More sharing options...
Tnexus Posted March 9, 2021 Share Posted March 9, 2021 1 minute ago, THE_BEYONDER said: Doesn’t the new managed payments system already require your SIN? Yeah. It's all automated so it wont be a problem for them. Also it'll pass. There's way too much else good tied into the stimulus bill that the House won't pass it. Link to comment Share on other sites More sharing options...
NWOslave Posted March 9, 2021 Share Posted March 9, 2021 1 minute ago, THE_BEYONDER said: Doesn’t the new managed payments system already require your SIN? Ive never provided ebay my social. taro90, batman_fan and The Lions Den 3 Link to comment Share on other sites More sharing options...
D84 Posted March 9, 2021 Share Posted March 9, 2021 Another thread of people whining about no longer being able to hide income from the IRS.🤦♂️ vodou and fantastic_four 1 1 Link to comment Share on other sites More sharing options...
