Do you sell on eBay or online? If so, will you continue to do so with the $600 IRS threashold?

[docile tapeworm | 4,204]

I sell $5000 a year through the video games. I don’t see how its worth the hassle for me to continue to sell online. It’s not enough profit after fees, shipping and tax.

good news for the ones who can afford it though. Less competition.

[Bearcat-Doug | 5,105]

20 hours ago, docile tapeworm said:

By the book thooooough! Pay your taxes you thieving mother fucker!

[avatar! | 1,827]

On 12/16/2021 at 1:25 PM, mbd39 said:

On the bright side if you sell games for less than you paid then you don't have to worry about it.

So that's another thing. If you purchased $800 worth of games, played them, then sold them on ebay for $600 you still have to worry about it. It will still be reported and then the question becomes

1)Do I have to have receipts?

2)What if I don't have receipts from who knows how long ago?

It becomes a headache, and most likely in these situations you're going to end up double-taxed.

[Tanooki | 4,950]

10 hours ago, mbd39 said:

Again, your tax obligation hasn't changed because of this. It was always there. The only new requirement is that you be sent a 1099.

I'm just saying if they're not sending me a form I'm not in agreement using the word 'obliged' as that's just not how it works for most individuals as it likely doesn't even cross their mind until one does arrive.

As arch so nicely put it, maybe we 'should have' but they never made the common person aware of it as few know, study, or work the tax code.  So yeah, what has changed is the direct paperwork that wasn't there before in your face that will appear now with a line on the existing forms that now will not add up.  That'll be some hellish shell shock on a case by case situation.

What docile there said, that's about what I did at best a year other than this year because I saw the writing on the wall, I never in all these years went over that or really in nearly most cases got near that either.  It was a hobby thing, buy a bit, keep some, move some to get something else so it was affordable.  A lot of people do that, or just get rid of junk they'd rather not throw out.  Now there will be that mismatched line with a 1099 attached to it.

I the post next to mine, that's what immediately went through my head there which avatar pointed out so nicely.  It's just over-reach, overbearing, and overkill.  I'm out short of cash only local sales if I get fed up with stuff as largely, it's gone now.  Or there will be local(or not) trades, that's it... no 1099 tax terrorism around that.

Edited December 18, 2021 by Tanooki

[docile tapeworm | 4,204]

Ya $5000 was at best. Likely it was 2-3k

[captmorgandrinker | 1,650]

On 12/16/2021 at 4:36 PM, docile tapeworm said:

Hopefully nobody saw that lol

WE SEE EVERYTHING

[Tanooki | 4,950]

18 hours ago, docile tapeworm said:

Ya $5000 was at best. Likely it was 2-3k

You know I remembered something.  Up until the price trolling of 2020, and when I got more aggressive getting rid of stuff in the last 3 years, largely this one, ebay had hiding on its old sellers area (before that lame automated page) where it would list your lifetime sales amounts for the account as one dollar amount.  I remember that from like the late 90s up until maybe 2018-19 that total was up to like 11000 basically over 20 years.