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...
freddy333 Posted April 2, 2022 Report Share Posted April 2, 2022 Combine this with the coming replacement of physical currency with DUSDs (digital US dollars) & 1984's Big Brother is no longer just your big brother, he is your parent, controlling what you can/cannot buy, do & say. At some point, I fear the people may be forced to remind mommy who the boss is & she will not be willing to give up power peacefully. Quote Link to comment Share on other sites More sharing options...
Ronin Posted April 3, 2022 Report Share Posted April 3, 2022 Yeah you pretty much have to use friends and family transactions these days if it’s going to be over 600 bucks. Good luck proving you lost money on a Paul Newman Daytona replica you built. 😂 Quote Link to comment Share on other sites More sharing options...
Isochronous Posted April 24, 2022 Report Share Posted April 24, 2022 This will require record keeping big time. One can deduct many things related to the object sold. The cost of record keeping being something that can be deducted. Quote Link to comment Share on other sites More sharing options...
jmb Posted April 28, 2022 Report Share Posted April 28, 2022 I'm waiting for PP to suspend my account as I have never provided them with my SSN. They harassed me about it for a couple of years and apparently gave up! Quote Link to comment Share on other sites More sharing options...
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