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Joined: Feb 2013
Posts: 21,860 Likes: 10
Campfire Ranger
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OP
Campfire Ranger
Joined: Feb 2013
Posts: 21,860 Likes: 10 |
So... PayPal is trying to help the Democrats and .GOV collect tax.
OK...
The used broken widget I sold for $25 has a Income Tax burden?
I seem to recall I have a receipt for $4,997 when I bought it new.
I will write off FAR MORE THAN THEY COLLECT.
Thanks PayPal.
If you are not actively engaging EVERY enemy you encounter... you are allowing another to fight for you... and that is cowardice... plain and simple.
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Joined: Apr 2019
Posts: 422
Campfire Member
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Campfire Member
Joined: Apr 2019
Posts: 422 |
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Joined: Apr 2011
Posts: 12,172 Likes: 5
Campfire Outfitter
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Campfire Outfitter
Joined: Apr 2011
Posts: 12,172 Likes: 5 |
Mmm.... I thought gifts under $10K were non-taxable ? Otherwise, if I have to claim the income, can I also claim the expenses ??????
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Joined: Jun 2002
Posts: 131,801 Likes: 23
Campfire Sage
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Campfire Sage
Joined: Jun 2002
Posts: 131,801 Likes: 23 |
The proceeds from selling personal property that you no longer want or need isn't taxed unless it has become a rare collectable since you bought it, and you made a profit on it. The assumption is that used goods will be sold for less than you paid, so zero income from their sale. You already paid the taxes on them after you earned the money you used to purchase them to start with.
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Joined: Feb 2010
Posts: 17,927
Campfire Ranger
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Campfire Ranger
Joined: Feb 2010
Posts: 17,927 |
Yeah, just got that notification too. Income on selling [bleep] I own?
Phuqq you.
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Joined: Dec 2013
Posts: 44,504 Likes: 10
Campfire 'Bwana
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Campfire 'Bwana
Joined: Dec 2013
Posts: 44,504 Likes: 10 |
Fugk Paypal.
They make their profit off the float.
Hope they die a slow, painflul corporate death, with everybody choosing other methods for payment.
From now on I'll use zelle or a personal check, if that's what those ass'holes are up to.
Slaves get what they need. Free men get what they want. Rehabilitation is way overrated. Orwell wasn't wrong. GOA member disappointed NRA member 24HCF SEARCH
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Joined: Jan 2006
Posts: 69,415 Likes: 9
Campfire Kahuna
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Campfire Kahuna
Joined: Jan 2006
Posts: 69,415 Likes: 9 |
I doubt that anyone is intentionally helping the IRS. I suspect that if Paypal is sending out 1099s, it's because the IRS has forced them to.
“In a time of deceit telling the truth is a revolutionary act.” ― George Orwell
It's not over when you lose. It's over when you quit.
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Joined: Feb 2004
Posts: 10,106 Likes: 3
Campfire Outfitter
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Campfire Outfitter
Joined: Feb 2004
Posts: 10,106 Likes: 3 |
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Joined: Feb 2011
Posts: 5,856
Campfire Tracker
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Campfire Tracker
Joined: Feb 2011
Posts: 5,856 |
There you go with facts! I doubt anyone who isn't running an online business is doing $20K a year on Paypal.
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Joined: Nov 2008
Posts: 8,673
Campfire Outfitter
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Campfire Outfitter
Joined: Nov 2008
Posts: 8,673 |
OP is from Virginia so keep reading, 600 bucks regardless of # transactions.
Swifty
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Joined: Feb 2013
Posts: 21,860 Likes: 10
Campfire Ranger
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OP
Campfire Ranger
Joined: Feb 2013
Posts: 21,860 Likes: 10 |
Quick chat with my CPA today and he advised that I have a small business and therefore can write off half of my home and half of my expenses such as Internet, electricity, phone food and Weekly massage parlor visits.
Thank you PayPal for the 1099-k... I had no idea I could claim such things for selling $284 worth of widgets.
If you are not actively engaging EVERY enemy you encounter... you are allowing another to fight for you... and that is cowardice... plain and simple.
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Joined: Jul 2018
Posts: 10,688
Campfire Outfitter
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Campfire Outfitter
Joined: Jul 2018
Posts: 10,688 |
I will have sold about $6K worth of stuff I don't use anymore (New Year's declutter resolution thing). I better quit while I'm ahead.
Progressives are the most open minded, tolerant, and inclusive people on the planet, as long as you agree with everything they say, and do exactly as you're told.
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