New Irs Rules Impacting Sellers

[Bald1]

It's taxation without representation. I think some old guy warned of this 200 odd years ago. You work hard to earn money and pay income tax. You spend said money on something and you are taxed AGAIN on same money. It's crazy when you think about it. And they are looking for ways to tax income before you even earn it now.

 

[HOUSTON RICK]

It has long been taxable under the law, this is only an enforcement mechanism.

 

[vt_shooter]

It has long been taxable under the law, this is only an enforcement mechanism.

It's more than enforcement, it's a dragnet that will probably ensnare 95% innocent people. Lots of people sell their old and no longer needed stuff, now many or perhaps most won't to avoid government hassles and scrutiny.

 

[BigBoy99]

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.

The Gov't. defination of "wealthy" people. are those who have any money!

 

[martyd]

You are Government Property

As the saying goes: "The only sure things in live are Taxes - Death."

Remember?

There is a Federal Death Tax & in most States for when you are no longer a productive income tax participant.

 

[quikdraw67]

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!

Only Allegheny County charges 7%

The rest of the State pays 6%

Except those living in the Worker's Paradise of Filthadelphia.

They get to pay 8% for the privilege.

 

[LVSteve]

It has long been taxable under the law, this is only an enforcement mechanism.

Yep. Coming from Europe I was well aware of sales tax, but it wasn't until I got here I came across sales and use taxes.

As for taxing private sales, I call it overreach. I am a fully paid up member of the "there is no tax problem, only a spending problem" religion. I'm not in business, so my view is you can all keep your snooping, grubby mitts out of my affairs. But it seems that governments at all levels in the US just cannot watch normal life go by without trying to tax it.

 

[chuckie]

The Govt. won't be happy until they tax every last penny from us!

 

[Kevin J.]

As the Beatles said….

Now my advice for those who die
Declare the pennies on your eyes
'Cause I'm the taxman
Yeah, I'm the taxman
And you're working for no one but me (taxman)

 

[HOUSTON RICK]

It's more than enforcement, it's a dragnet that will probably ensnare 95% innocent people. Lots of people sell their old and no longer needed stuff, now many or perhaps most won't to avoid government hassles and scrutiny.

I guess it is all in how you define "innocent". The governments have finally learned that computers can help them enforce tax that had previously been pretty much unenforceable. I expect that your fuel excise tax will soon be based on the miles you drive - reported directly from your car computer - rather than by the gallon at the pump. Makes the price per gallon appear lower. Corporations are being hit very heavy by these types of things, including the Wayfair case and return of the Superfund tax, but that keeps me working past retirement.

 

[HOUSTON RICK]

Yep. Coming from Europe I was well aware of sales tax, but it wasn't until I got here I came across sales and use taxes.

As for taxing private sales, I call it overreach. I am a fully paid up member of the "there is no tax problem, only a spending problem" religion. I'm not in business, so my view is you can all keep your snooping, grubby mitts out of my affairs. But it seems that governments at all levels in the US just cannot watch normal life go by without trying to tax it.

I have had to explain US local and state taxation to numerous European executives, they always are certain that I am lying and overcomplicating it until they verify it - as it is so counter intuitive to them. In Europe and Asia, the federal government does most, but not all of the taxing and doles the money out to its subdivisions. Sometimes they buy large US businesses completely oblivious to the state tax requirements and explained several times that they owed millions in taxes that they never knew existed. More than once, the US seller was aware of this and stopped paying or accruing taxes once the sale was announced, inflating their final bonuses and leaving the buyer holding the (emptier) bag. Welcome to America $$$

 

[tomhenry]

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

 

[Just another 22 shooter]

Wasn't it mentioned somewhere about no new taxes on middle income people? I'm pretty sure it isn't millionaires buying and selling on ebay and etsy.

 

[tomhenry]

Wasn't it mentioned somewhere about no new taxes on middle income people? I'm pretty sure it isn't millionaires buying and selling on ebay and etsy.

What? You mean our government can't be trusted to not lie like saloon whores when it comes to their constituents? Say it isn't so!

 

[DWalt]

My understanding is that the plan is that any additions to one's bank savings account(s) is also subject to being deemed taxable income if it exceeds $600 annually and you can't prove its origin.

 

[Protocall_Design]

As the saying goes: "The only sure things in live are Taxes - Death."

Remember?

There is a Federal Death Tax & in most States for when you are no longer a productive income tax participant.

At least death won't get any worse than it already is. Taxes will.

 

[rockquarry]

Hard to understand all this. When I rent a gun show table and sell things, I have to pay state tax on what I sell (Texas), but you can have a couple of garage sales a year and pay no state tax on sales.

 

[chief38]

VOTE RESPONSIBLY - do the research before so - otherwise we'll pay the consequences as we are realizing now.

 

[CAJUNLAWYER]

The downside of the computer/internet age is instant information. Used to be one could hide stuff in paperwork in the bowels of some courthouse and it would be safe from discovery forever-think of the very last scene of Raiders of the Lost Arc when they showed the arc being placed in an unending wharehouse. Today they can find all that stuff. Things you could get away with with impunity 20 years ago can be tracked now in an instant. None of these taxea are anythin g new. As Houston Rick says, they have just recently gotten the tools to enforce it. Anyone who thinks that the feds do NOT have a national data base of gun ownership is living in lala land.
Think of the information someone could get about our members by analyzing the posts here.
Back in the 80's I bought a Rolex in New Orleans. Had it shipped to me at my sister's address in Houston to save the sales tax. Totally legal albeit in the grey area. Try doing that today. Computers make enforcment of existing laws easier and as the states realize the money they are leaving on the table, it will get worse.
But hey, we got to pay for all that free stuff we're getting.....