New Tax Reporting ($600 Threshold per year) and Consignments 21 21

[WolverineX]

On 11/30/2022 at 6:03 PM, Tnexus said:

Sounds like Zelle is going to be pretty popular next year. They are not sending out 1099s even over the $600 threshold.

https://www.zellepay.com/faq/does-zelle-report-how-much-money-i-receive-irs

Hahaha.  Zelle will be the new payment platform soon 

[skypinkblu]

On 11/30/2022 at 6:27 PM, WolverineX said:

Hahaha.  Zelle will be the new payment platform soon 

I read an article this morning about all the problems Zelle has had with scams. 

[skypinkblu]

https://www.zellepay.com/financial-education/pay-it-safe/understanding-fraud-scams

[snitzer]

Cash is king (or trade) 

[Dr. Balls]

On 11/30/2022 at 4:27 PM, WolverineX said:

Hahaha.  Zelle will be the new payment platform soon 

I'm skeptical of any service that doesn't protect your purchase. Sending via Zelle is about as risky as sending a money order. Once it's out of your hands, you'd better hope that the decency of humanity fulfills their end of the bargain - and I don't know about you, but there isn't a whole lot of that left. I won't use Zelle (or personal checks) unless the person has a bullet-proof reputation. I can walk away from any book or piece of artwork that requires payment in the form of Zelle, Checks, Venmo, Tater Tots, Bitcoin or whatever unsecured flavor-of-the-month variation they request.

[jaybuck43]

Just a heads up, the IRS is delaying the implementation this year.  Now goes into effect January 2024 for the 2023 calendar year.

https://www.irs.gov/pub/irs-drop/n-2023-10.pdf

[DR.X]

On 12/1/2022 at 7:05 PM, Dr. Balls said:

I'm skeptical of any service that doesn't protect your purchase. Sending via Zelle is about as risky as sending a money order. Once it's out of your hands, you'd better hope that the decency of humanity fulfills their end of the bargain - and I don't know about you, but there isn't a whole lot of that left. I won't use Zelle (or personal checks) unless the person has a bullet-proof reputation. I can walk away from any book or piece of artwork that requires payment in the form of Zelle, Checks, Venmo, Tater Tots, Bitcoin or whatever unsecured flavor-of-the-month variation they request.

What is wrong with money orders if you don't mind me asking.

[WolverineX]

On 12/23/2022 at 1:33 PM, jaybuck43 said:

Just a heads up, the IRS is delaying the implementation this year.  Now goes into effect January 2024 for the 2023 calendar year.

https://www.irs.gov/pub/irs-drop/n-2023-10.pdf

Need to find a way to use my drek for collateral for bank loans so I can get negative income.  

[DR.X]

On 12/23/2022 at 12:43 PM, WolverineX said:

Need to find a way to use my drek for collateral for bank loans so I can get negative income.  

You want negative income, get divorced.

[Dr. Balls]

On 12/23/2022 at 11:40 AM, DR.X said:

What is wrong with money orders if you don't mind me asking.

A money order is like a personal check - once it’s cashed, and they don’t send along whatever you’ve bought - that’s the end of it.  Got burned 20+ years ago on sending a personal check for an EBay item that was never sent - and found out that there is no way to get that money back.

I will send a personal check here to an established Boardie - no problem. Anywhere else is a no for me.

I’ve never had an issue with a money order (and didn’t use them much) but I don’t like using payments that have no safety recourse if something happens. 

[DR.X]

On 12/23/2022 at 12:52 PM, Dr. Balls said:

A money order is like a personal check - once it’s cashed, and they don’t send along whatever you’ve bought - that’s the end of it.  Got burned 20+ years ago on sending a personal check for an EBay item that was never sent - and found out that there is no way to get that money back.

I will send a personal check here to an established Boardie - no problem. Anywhere else is a no for me.

I’ve never had an issue with a money order (and didn’t use them much) but I don’t like using payments that have no safety recourse if something happens. 

I get it. Like you though, I only send them to people I've dealt with, and never had a problem.

[NewWorldOrder]

I literally for the life of me can't understand why thread is an outrage. 

If you make a profit the government has always wanted their cut for the most part, if you didnt make a profit you don't owe the government anything.  If anything most of all of our lives we got off easy on this.  Actually my bad I mean yeah the government is setting out a task force to audit the people who sold their $800 bundle of video games.  

Too many people thought this most years prior.

"I made gross sales under 20k, so since it's under the 20K threshold that eBay/PayPal allows for automatic 1099 reporting I can keep all that profit."

My response to some of you here:

 

 

Edited December 23, 2022 by NewWorldOrder

[Dr. Balls]

On 12/23/2022 at 12:17 PM, NewWorldOrder said:

I literally for the life of me can't understand why thread is an outrage. 

Without getting specifically political, I think some people might be fed up with the government’s mismanagement of practically everything at this point that affects the middle class - and now this is one more reason for a collective: WTF and that creates a lot of animosity.

I’m not speaking for anyone in particular - everyone has their own reasons, but that could be one of them.

Paying taxes in the United States is just how it works. We all do it, some pay more than others - but when the government decides to nut punch the middle class in every aspect of finance for 3 years running, you’re going to get some complaints, regardless of paying taxes being a truism.

[the blob]

Uncle joe needed to bump that up to $6000 as we were headed into a recession. 

[the blob]

On 12/23/2022 at 2:31 PM, Dr. Balls said:

Without getting specifically political, I think some people might be fed up with the government’s mismanagement of practically everything at this point that affects the middle class - and now this is one more reason for a collective: WTF and that creates a lot of animosity.

I’m not speaking for anyone in particular - everyone has their own reasons, but that could be one of them.

Paying taxes in the United States is just how it works. We all do it, some pay more than others - but when the government decides to nut punch the middle class in every aspect of finance for 3 years running, you’re going to get some complaints, regardless of paying taxes being a truism.

It was the very low threshold that pissed folks off. You could sell off some junk items in your closet to make room and after shipping costs easily exceed $600 and then boom you have annoying paperwork. 

[WolverineX]

On 12/23/2022 at 2:17 PM, NewWorldOrder said:

I literally for the life of me can't understand why thread is an outrage. 

If you make a profit the government has always wanted their cut for the most part, if you didnt make a profit you don't owe the government anything.  If anything most of all of our lives we got off easy on this.  Actually my bad I mean yeah the government is setting out a task force to audit the people who sold their $800 bundle of video games.  

Too many people thought this most years prior.

"I made gross sales under 20k, so since it's under the 20K threshold that eBay/PayPal allows for automatic 1099 reporting I can keep all that profit."

My response to some of you here:

 

 

It's fine if everyone was paying taxes but most of us don't have the privilege of tax avoidance. 

Wish I had an army of lawyers and accountants figuring out the loopholes to make my tax liabilities  zero. 

[Ryan.]

The outrage isn't about paying taxes on realized gains. It's about starting from a position of being guilty of tax avoidance from the governments perspective and then having to prove your innocence.

 

Grandma sells her couch on Craigslist for $600 and accepts PayPal. She paid $1200 for it in 1972. Now she has to prove she took a loss instead of earning the full $600 in profit.

[Mr. Zipper]

On 12/23/2022 at 3:38 PM, the blob said:

It was the very low threshold that pissed folks off. You could sell off some junk items in your closet to make room and after shipping costs easily exceed $600 and then boom you have annoying paperwork. 

This. To go from $20,000 to $600 is absolutely absurd. A desperate money grab at garage sale type income.

Who out there has receipts for all the $20 comic books they bought over the decades? Or even the hundred dollar comics? So what are you supposed to do when it comes time to sell if you don’t have a receipt? Just take the hit and pay taxes on 100% of it or make up your own receipts and hope that you don’t get hammered if you should be audited?

[Mr. Zipper]

I get that some of the folks here who are dealers, or treat the hobby like a business… This may seem like no big deal. You might have all the paperwork. For the pure collector who has been collecting for decades and not treating it like a busIness… buying from places that don’t offer receipts… Garage sales… Flea markets… Conventions and not keeping track… It’s a royal pain in the rear end.

[Ryan.]

The threshold has been $600 for years here in Massachusetts so I'm very used to the filing procedures but it has required keeping strict purchase records.