automatico Posted March 31, 2022 Report Share Posted March 31, 2022 Bad news. The IRS is demanding another pound of flesh. TimeZone : Public Forum » IRS Form 1099-K This will not be good for people who sell knickknacks on eBay and many other online outlets. Example: If you sell a watch online for $2000, get paid by pay pal etc, now you get a 1099 for the sale and you will owe tax on the profit realized on sales totaling over $600 per year. If you lost $$ on the deal, you will have to prove you lost $$ by providing proof of the purchase price, receipts for any work/parts on the watch etc. If you get audited and end up butting heads with a Colonoscope weilding IRS Dildo who would not know a Vacheron from a Velamint...they may demand tax on the total sale price if you can not provide proof of a loss. Who knows what they might do? Gummit Idiots are forcing more and more citizens into an ever-growing Underground Economy. I rest my case. Quote Link to comment Share on other sites More sharing options...
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