New Irs Rules Impacting Sellers

[Tyree1867]

The IRS is rolling out new rules & a new form- 1099-K- which according to a recent article in the Wall Street Journal- will have serious impact on those who use PayPal, Venmo & other such vendors to effect their sales.
Here is the link-ttps://www.wsj.com/articles/internal-revenue-service-taxes-irs-1099-k-form-tracking-payment-transactions-credit-card-venmo-privacy-breach-cybersecurity-11648745007

 

[vt_shooter]

Looks like once you sell over $600 on ebay in a year's time you'll have to file a Schedule D listing every item you sell. Let's say you bought a boat 10 years ago for $10K, and sold it last year on ebay for $2K. Will the IRS allow the $8K loss just as easily as they'd want to tax the gain if the numbers were flipped? Will they demand original purchase receipts to prove the entire sale price was not taxable gain? How about selling items you received as gifts years ago, and have no receipts. All taxable gains now? Gonna be a nightmare for people. I imagine a lot of people will simply not use ebay or other third parties that will issue 1099-K's.

 

[kraynky]

Facebook is the new eBay I think, with no bidding, just bartering. Although I am not a member, nor will I ever be.

The Government will someday figure out how to tax yard sales and flea markets.

 

[Bald1]

We can fix a lot of this nonsense in November at the ballot box. Taxing unrealized capital gains is next. Another attempt to redistribute wealth. If u think these things only affect the wealthy guess again.

 

[LoboGunLeather]

Facebook is the new eBay I think, with no bidding, just bartering. Although I am not a member, nor will I ever be.

The Government will someday figure out how to tax yard sales and flea markets.

In my home city it is unlawful to hold a garage sale or estate sale without first obtaining a city sales tax license and remitting sales taxes on every transaction.

A sign on the street corner announcing your garage sale, or in your front yard announcing a moving sale, can get you a $1,000 fine in municipal court. Local newspaper will not accept an advertisement unless you have the proper city license. Same rules apply to flea market and gun show vendors.

Sounds like the feds want to use that new authority requiring reports of any economic activity of $600 or more. Probably easier to stick a tax bill on Joe Workingstiff selling his old lawn mower than to collect from a billionaire with a dozen lawyers on retainer (and a lot more working stiffs to collect a few bucks from).

 

[Rudi]

I think this will only get worse.

 

[doublesharp]

Guns International markets itself as merely a classified service that brings buyers and sellers together and hence have no responsibility to retain or even know sales price. Many of the strong dealers have switched to GI.

I bought a C&R gun there a couple weeks ago and it was a typical negotiated price. Seller started at 1300 and we agreed at 1050 shipped. Pleasant transaction with no annoying fees or hoops.

 

[Tyree1867]

Based on what I read in the article USPSMO may be the way forward, at least in the short term. I think it would depend on what kind of record they can collectat the cash-in [seller] end.

 

[Kevin J.]

We haven't hit the low point of requiring sales tax at garage sale but we do have tax on used car private sales. I have never understood why there is a tax on the sale of a car between two private citizens. The state got the sales tax on the new vehicle sale, end of story. But its easy to enforce and collect because you have to transfer the title.

In the posts above it looks like some in the government think this carries over to all property.

 

[Old 44 Guy]

I once would have thought of moving to Colorado. My mother lived there. I gave that up when it became a second Calif. Politic wise. No Thanks.

 

[vt_shooter]

We haven't hit the low point of requiring sales tax at garage sale but we do have tax on used car private sales. I have never understood why there is a tax on the sale of a car between two private citizens. The state got the sales tax on the new vehicle sale, end of story. But its easy to enforce and collect because you have to transfer the title.

In the posts above it looks like some in the government think this carries over to all property.

This is worse than collecting sales tax on all the property you sell, it's about the government saying any property you sell using a third party intermediary is income or capital gains. They'll of course say you still have to collect sales tax in addition to paying income tax on it. There is no satiating the growing government beast.

 

[Greyman50]

IMHO the taxing schemes of local and fed. govt. will end " fleabay". I quit when they required paypal account years and years ago.
Guess N.C. still requires a sales tax number/license to set up at gun shows there. Will never forget years ago our bunch went to show in Winston Salem. Most of us had N.C. sales tax number/license except this old retire Army Sgt. We all told him, go up front and buy your license for $35 as there was a state guy there selling them. He said heck with it, we all waited, sure enough here comes this guy in a suit with his book checking licenses( had to be seen from isle). He asked the Old Sgt. where his was, he said Im from Va. and do not have one. State guy said buy one or pack your items and get out. Cost the old Sgt $65!!!!!,
Cant imagine what its like today.

 

[dmar]

Our current experience in this country is just like what the king of England was doing to the American colonies prior to the Revolutionary War. Except it is somehow happening in our so-called democracy/republic.

Our government is continuing to escalate the levying of taxes, and enforcement of taxes, only to use that tax money on things that don't directly benefit the citizens, and in many cases on things that go against our interests.

As for fun taxes, the State of North Carolina sends out a form each January where you are supposed to list 'personal property.' So, in addition to your real estate property taxes, and tax on your vehicles that the DMV invoices/taxes you each year (yes, you pay property tax on the value of your vehicles each and every year), the county sends out a filling each January and you need to itemize/list personal property. So you pay a tax on the value of things like untagged ATVs, motorcycles, any watercraft (including boat motors, canoes, kayaks, etc.), untagged vehicles, motor homes, any appliances and/or furnishings that you provide to rental properties, any income producing equipment (farm tractors, etc), etc.

Taxing the sale of non-commercial, private party transactions should be criminal! Exactly how many bites at the apple is the government entitled to…?! No wonder they want to do away with cash. Digital = tracking. Track everything = tax everything…

 

[ladder13]

This is worse than collecting sales tax on all the property you sell, it's about the government saying any property you sell using a third party intermediary is income or capital gains. They'll of course say you still have to collect sales tax in addition to paying income tax on it. There is no satiating the growing government beast.

No, it's the govt saying anything you own is really theirs. You didn't build that.

 

[Retired W4]

We occasionally get some County wonk coming through the show passing out tax forms to people like me. The paper goes into the round file immediately. Never had a PayPal account. Cash is King.

 

[Puller]

These are the things that happen when you have a lazy and uninformed electorate.

 

[jeffrefrig]

In PA when we sell a car, there's a sales tax form that the notary fills out and buyer pays his 7% state sales tax separate during the title transfer. Every used car I ever bought back in the day was $50 tops, as far as they knew. And the notaries wouldn't bat an eye. How many times can they tax one vehicle during its lifetime?
Guns? No problem for me, as I don't own more than 3 or 4 worth over $600!

 

[smoothshooter]

In my home city it is unlawful to hold a garage sale or estate sale without first obtaining a city sales tax license and remitting sales taxes on every transaction.

A sign on the street corner announcing your garage sale, or in your front yard announcing a moving sale, can get you a $1,000 fine in municipal court. Local newspaper will not accept an advertisement unless you have the proper city license. Same rules apply to flea market and gun show vendors.

Sounds like the feds want to use that new authority requiring reports of any economic activity of $600 or more. Probably easier to stick a tax bill on Joe Workingstiff selling his old lawn mower than to collect from a billionaire with a dozen lawyers on retainer (and a lot more working stiffs to collect a few bucks from).

What an awful place to live!

 

[Breakaway500]

There was a time..not that long ago..and not far from where I live...when WE told the authorities where they could put their taxes..and that was only a 2% tea tax. Imagine if those "wild-eyed radicals" woke up today..

 

[ladder13]

Free **** comes with a cost.