20k/200 item 1099 tax law restored!

acidvoodoo

acidvoodoo

Well-known member
Got an email from eBay yesterday saying congress restored the original reporting law. Pretty sweet. Figured you guys would like to know!

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Yup, saw that right after the BBB was signed and yet another determining factor when I bought that Friedman Jose. I knew that moving that Jose wouldn't be hard to do if it didn't suit me, and my intention was never to try to make any money on it if I did move it. BUT, at $3800 just to break even, it would have meant an automatic 1099K as the threshold moved down to $2500 this year under that idiotic reporting structure. When I saw that it was repealed under the BBB, it made it a no-brainer.
 
This is great, but I bet it still takes Reverb 2 years to figure this out.

That $600 suggested threshold was a terrible idea.
 
War_in_D said:
Yup, saw that right after the BBB was signed and yet another determining factor when I bought that Friedman Jose. I knew that moving that Jose wouldn't be hard to do if it didn't suit me, and my intention was never to try to make any money on it if I did move it. BUT, at $3800 just to break even, it would have meant an automatic 1099K as the threshold moved down to $2500 this year under that idiotic reporting structure. When I saw that it was repealed under the BBB, it made it a no-brainer.
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As long as you didn't make a profit what difference did it make? You've got a receipt so it would literally be filling in a couple extra lines on your taxes, you wouldn't owe any money on it. Now selling older stuff that you may or may not have a receipt for, that would have been a PITA
 
technomancer said:
As long as you didn't make a profit what difference did it make? You've got a receipt so it would literally be filling in a couple extra lines on your taxes, you wouldn't owe any money on it. Now selling older stuff that you may or may not have a receipt for, that would have been a PITA
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Everything I have ever sold has been at a huge freakin' loss ;)
 
technomancer said:
As long as you didn't make a profit what difference did it make? You've got a receipt so it would literally be filling in a couple extra lines on your taxes, you wouldn't owe any money on it. Now selling older stuff that you may or may not have a receipt for, that would have been a PITA
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True.. but it makes me wonder what they put on the 1099-k when they fill it out. I only paid $3799 all in, but had to sell it at $4100-ish to make it come out to 3799 after fees, etc. plus shipping. As far as I'm aware, you can't really itemize with the 1099k and I don't think that reverb will back those fees out when they fill out out, but I could be wrong.
 
War_in_D said:
True.. but it makes me wonder what they put on the 1099-k when they fill it out. I only paid $3799 all in, but had to sell it at $4100-ish to make it come out to 3799 after fees, etc. plus shipping. As far as I'm aware, you can't really itemize with the 1099k and I don't think that reverb will back those fees out when they fill out out, but I could be wrong.
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You know your cost basis, the IRS does not. That's all there is to it.
 
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