So it looks like Joe wants to tax your sale of items that are over $600, and send you a 1099 at the end of the year - when using Goods % Services on PayPal.

So what happens if you do 2 transactions - like $250 and $350?


https://newsroom.paypal-corp.com/20...ing-Requirements-Your-Questions-Answered

$600 or more for the entire year. That means you get a 1099-K

Selling items for what you paid or less isn't income, so not reportable. Income for sales is the gain (profit) only.

How to you prove that you sold something at a loss?

Stopped using Paypal 30 years ago.

Back when you could get a banana split at Woolworth's.

In our system of laws it works the other way around.

So in an IRS audit I don't have to prove anything, good to know.

When you sell the rocking horse out of your garage that belonged to your four year old because he's now 13 and doesn't use it anymore, do you need to provide a receipt to prove you've made no profit? If you're not in buiseness to buy at wholesale and sell at retail, the presumption is that sold old items are not sold at a profit.

Paypal wasn't around 30 years ago.

I got a 1099 from EBay a year ago...

Worked out BEAUTIFUL... was able to claim a huge loss.

Thank you stupid communist politicians... I would haven't thought about it until their greedy money grubbing mitts sent me the "invitation".

euphemism.............

Sarc meter cracked.

That so huh? 😃

Well....I never heard of it.

lol

Wait for it....


My nephew uses pypal

I went pheasant hunting with the guy who created paypal

My nephew was there

Pen raised pay hunt pheasant???
Or them wild ones where you just gotta have a hunting license and spot to go???


Gauge???
SG design???
Doggies???
Shot size???
Bad boy buggie to and from for stealth or just park the truck and walk on in???
Baloney sandwiches and a Dr. Thunder for lunch, or pinky in the air Haute Cuisine back at da lodge????

Details, details, details.....

Zoom.

Lol. 😆😆

Lol.

Back when they made whiewall tires. 😂😂

Not just the irs, state gov't wants to tax you on everything you sell. I used to rent a table at gunshows to sell unneeded items I had that are hunting and shooting related, stuff that was my personal property. I am not in the resale business, they don't care they want state and local sales tax collected on it whether you have a sales tax license or not. Doesn't take a real genius to see the IRS could access all those state DoR records and cross reference them to your 1040 and ask you why you failed to claim income on them.(your personal property) in SD they even demand you collect sales tax on your driveway garage sale. They don t care about the profit they want tax on the whole sales price calling all of it profit whether you sold for more or less than you paid.
Just within the last couple of months the bitme gov't called on a banking regulation to report any movement over 600 bucks out of your checking or savings acts. Unbelievable but in fact they called for it. My customer service rep at my credit union told me it was squashed soundly. Buy something from a member here just get a certified cashier's check or pay cash face to face.
When you look at the piss poor state of the courts and law enforcement in this country today you see that only crimes they really pursue are traffic citations resulting in fines collected and mass shooting crimes easily solved so they can get positive PR. The way I see it...mb

Just a question, since the old rule was 20K and 200 transactions at what point do you stop giving away free income to the professional garage sales hounds, and the folks that used eBay as a virtual garage sale.

How many on here could actually have so much stuff in their house that they could sell on eBay to meet that threshold? 600 bucks may be low but just where do you cut it off?

Those of you who live in California would be better off keeping your $600 worth of stuff, and just shoplifting anything new.

As long as you steal less than $950 worth of stuff each trip neither the police nor the IRS care.

I dumped $8k worth of stuff this year on Ebay, all was previously used outdoor gear by me for the past 30 years, just downsizing. I could have easily doubled that

So why didn't you accidentally shoot him?

Record keeping.

You have records for things that are 30 years old? Stuff that was in your family? If so, bravo to you

Sure as fugg aint paying cash anymore to trades people.
Plumbers , electricians, roofers ect ect ect.

They can get screwed and looked at just like I have too now by Joey and his band of 80,000 IRS agents he wants to hire for this bullschit.

Heard they have a starting threashold of some 26 dollar a day spent to trigger looking at your banking matters.


Fugging Liberal Socialist Democrats...


Honk for Joey.
All 15 cars in the high school parking lot on national TV..


JFC.......

Elon Musk?

Al Gore.

Printer.

FIFY

I went too.

We smoked some really fantastic hydro skunk bud.
Made s'mores that looked like rockets.
Had a couple of Dr. Thunders.
Didnt see or kill a single pheasant or shoot anyone in the face.
I don't remember if we even loaded the guns....

All in all it was a good time.

I tell ya fellas... Cash is gonna be King as the world implodes and uncle Joe starts sniffing your hair and ass personally.

Elon surprisingly had a Mossberg 835.

With camo rocket ship hydro dipped camo design.

I'm calling BS... Musk hates the pump.

That is why he builds electric cars...

For private goods purchases between individuals you know.

For services.
Nope...
All those working cash under the table can feel the pain of a wrote out check now specifically naming the work done.

If Im gonna get examined, they need to also.

No more paying Cletus cash to do a roofing job and letting him fly under the radar.
Especially if Cletus is playing the unca suga handout system.

Cause we all know many of em do...

Cletus dont like it or say he needs more cause it is a check.

I can find someone else.

Later Cletus......

He had one man.

I'm telling ya...

Coulda been a 535.
Really wasnt paying alot of attention.
I was watching a grasshopper for a long time.
I was pretty high....

26 bucks wont get you out the grocery store or past the gas oump. 600 wont buy tires or a transmission

Yep. The cash guys I know are welfare queens with 6 kids and on every program invented. Probably make more than the legit guys and work half the time.

If Cletus is $4k cash for a roof... and $8k as a check...

Cletus will get 40 bennies.

The Feds have "lost" my PII data AT LEAST THREE TIMES to hacks...

I trust none of them and will tell them clearly to their face any chance I get... "I pays cash for things because I do not trust YOU... or the horse you rode in on... and neither do the men I do business with... AND you can write that down in your book."

FJB

Cletus gets a check for his same cash price from now on.
If he dont like it while talking a job.
Cletus can hit the road....