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New Tax Reporting ($600 Threshold per year) and Consignments
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Started by telerites,

587 posts in this topic

ttfitz

ttfitz

Posted
Posted
On 1/9/2022 at 5:17 PM, batman_fan said:
On 1/9/2022 at 4:35 PM, nochips said:

I think this new tax law is going to hurt ebay, Etsy, paypal, Venmo, etc.

 

Me too.  My wife uses Venmo all the time to pay her sister for stuff her sister buys for her.  Well over $600 total.  Now they will go back to using checks.

Pretty sure the reporting requirements don't apply to "Friends and family" type stuff, splitting your dinner bill, paying back your sister, etc.

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namisgr

namisgr

Posted
Posted
On 1/9/2022 at 5:31 PM, Wolverinex said:

Actually the best tax havens are in the good old United states.  Delaware is better than many of those islands

It's easy and relatively cheap to incorporate here and there's great liability protection, but you won't get any break on the tax on your collectibles or income.

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Buzzetta

Buzzetta

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Posted (edited)
On 1/10/2022 at 5:24 PM, jcjames said:

And so it begins...

Just got a Ransom Message from Feebay: 

 

FeebayRansomMessage.jpg

Does it have to be your real SSN or even your own?

Asking for a friend. 

Edited by Buzzetta
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snitzer

snitzer

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Posted (edited)
On 1/10/2022 at 5:24 PM, jcjames said:

And so it begins...

Just got a Ransom Message from Feebay: 

 

FeebayRansomMessage.jpg

Going to be everywhere. Literally read an MSN-propaganda article today trying to spin this poor-man tax as a good thing. The mental gymnastics taking off are reaching new highs :Rocket:

Edited by snitzer
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jcjames

jcjames

Posted
Posted (edited)
On 1/10/2022 at 3:50 PM, Buzzetta said:

Does it have to be your real SSN or even your own?

Asking for a friend. 

Doh! :tonofbricks:Dang, had my chance to stick it to the man!

They said they're waiting to verify it after I submitted it though. hm

I'll save my "numerical creativity" for calculating my net profits from those sales lol! 

That is if I even need to - my last two years my standard deduction has well exceeded my itemized deductions so it probably won't matter. 

Edited by jcjames
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