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1099-K Back Up

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fumblefinger

Post subject: 1099-K Back Up

Posted: Sun Dec 25, 2022 1:11 am

Contributing Member

Joined: Sun Jun 08, 2014 10:06 pm
Posts: 414
First name: Allan
Last Name: Bacon
State: Kansas
Country: USA
Focus: Repair

Looks like the IRS is postponing the requirement to declare profits from sales over $600.
https://finance.yahoo.com/news/irs-dela ... 00084.html

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Chris Pile

Post subject: Re: 1099-K Back Up

Posted: Sun Dec 25, 2022 1:17 am

Contributing Member

Joined: Sun Mar 06, 2011 12:04 am
Posts: 5831
First name: Chris
Last Name: Pile
City: Wichita
State: Kansas
Country: Good old US of A
Focus: Repair
Status: Professional

As far as I'm concerned they can all go to blazes.

_________________
"Act your age, not your shoe size" - Prince

These users thanked the author Chris Pile for the post: Hesh (Sun Dec 25, 2022 3:03 am)

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Hesh

Post subject: Re: 1099-K Back Up

Posted: Sun Dec 25, 2022 3:08 am

Old Growth Brazilian Rosewood

Joined: Fri Nov 02, 2007 9:49 am
Posts: 13431
Location: Ann Arbor, Michigan
First name: Hesh
Last Name: Breakstone
City: Ann Arbor
State: Michigan
Country: United States
Status: Professional

fumblefinger wrote:

Looks like the IRS is postponing the requirement to declare profits from sales over $600.
https://finance.yahoo.com/news/irs-dela ... 00084.html

Good to hear and what a stupid thing to do in the first place too.

Maybe the push-back will result in a permanent reprieve from this poor policy change.

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Glen H

Post subject: Re: 1099-K Back Up

Posted: Sun Dec 25, 2022 4:19 pm

Koa

Joined: Mon Jul 11, 2005 5:17 am
Posts: 1011
Location: United States
City: Tyler
State: Texas

Oh now come on… the government needs the money. If they don’t get it they will have to go into debt! We don’t want that right?

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rlrhett

Post subject: Re: 1099-K Back Up

Posted: Mon Dec 26, 2022 10:19 pm

Koa

Joined: Mon Nov 24, 2008 12:17 pm
Posts: 1171
City: Escondido
State: CA
Zip/Postal Code: 92029
Country: USA
Focus: Build
Status: Semi-pro

Yes, because the problem is that the IRS is too easy on the little guys. Those Etsy billionaires should pay taxes just like poor Brezos and his ilk.

Sent from my iPhone using Tapatalk Pro

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jfmckenna

Post subject: Re: 1099-K Back Up

Posted: Thu Jan 05, 2023 11:36 am

Brazilian Rosewood

Joined: Tue May 13, 2008 10:44 am
Posts: 6256
Location: Virginia

So if you bought a Martin guitar for $1100 dollars in 1990 and sold it today for $700 on Reverb or something and used Paypal they would charge you tax on a sale of a used instrument that you lost money on? Or are you supposed to know where the receipt is for the guitar you bought 30 years ago to show you are not profiting. I mean... Sheeesh!

These users thanked the author jfmckenna for the post (total 2): Hesh (Fri Jan 06, 2023 2:53 am) • Pmaj7 (Thu Jan 05, 2023 2:22 pm)

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