20k/200 item 1099 tax law restored!

[napalmdeath]

That $600 suggested threshold was a terrible idea.

 

[napalmdeath]

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.

I wouldn't worry about it now.

 

[PDC]

This is a great development. I hated this BS from day one. Come on. Really??? Is THAT where the budget deficit is going to be found? People selling stuff they already paid full price for at either break-even or likely at a loss?? I know a lot of us on this forum are (unbelievably) nearing - or at - retirement age. If the current administration makes good on its threat to make the floor for tax brackets +/- $150k per person or $300k filing jointly, we need to make maximum withdrawals from our tax deferred retirement accounts. Get while the gettin' is good.

 

[Chris6870]

You know your cost basis, the IRS does not. That's all there is to it.

Right. I sold 12k on Ebay last year. My accountant asked me if it was runnig a business. I said no. It's all used stuff that I sold for less than I paid. He said no problem. End of story.

 

[Reverend Bow]

How is it not double taxation

 

[Metlupass2]

I thought this was based by state ? IL has a $1,000 limit per year.

 

[napalmdeath]

Right. I sold 12k on Ebay last year. My accountant asked me if it was runnig a business. I said no. It's all used stuff that I sold for less than I paid. He said no problem. End of story.

Yeah, I was at $19k on Reverb. The company I use to do taxes online had me enter the lump sum from the 1099k, and then a yes or no if I made a profit. Even if I did on an item or 2, 99.9% was at a loss after fees, so it collectively was a big no, and as simple as that.

 

[napalmdeath]

Everything I have ever sold has been at a huge freakin' loss

Yep, I hear that. Mostly because used prices have gotten so ridiculous, it's easier to buy new with a return policy.

 

[rsm]

 

[FourT6and2]

Yep, I hear that. Mostly because used prices have gotten so ridiculous, it's easier to buy new with a return policy.

Well yes, but also I was being cheeky. As in... as far as the IRS knows, everything I've sold has been at a capital loss.

 

[napalmdeath]

Well yes, but also I was being cheeky. As in... as far as the IRS knows, everything I've sold has been at a capital loss.

Oh, that too..