I'm getting close to the $10,000.00 or more sold on Reverb

[Markedman]

I sell and buy amps, guitars, etc. on eBay, Craigslist, Reverb, here on RT. I didn't make or lose money, I just had different stuff and then I had differenerter stuff. I am worried about the taxxxxxxx mannnnnn. You know 1099z Any advice?

 

[RedB4Black]

Just because you get a 1099 with sales volume, doesn’t mean you owe tax. Only have to pay tax on gains. I’d keep records that document your cost basis and sales receipts to prove gains/losses if it ever became an audit issue.

 

[skullfxr]

That is something that scared me a few years ago. I didn't hit $10k but I didn't want to. I am not an accountant or tax lawyer so I have no answer. All I know is that I would check with someone who IS a PROFESSIONAL and NOT advice on a forum regarding tax/legal issues

If I were in your shoes, I would suck up the cash and talk to a professional. Better and likely cheaper than dealing with the IRS.

 

[RedB4Black]

That is something that scared me a few years ago. I didn't hit $10k but I didn't want to. I am not an accountant or tax lawyer so I have no answer. All I know is that I would check with someone who IS a PROFESSIONAL and NOT advice on a forum regarding tax/legal issues

If I were in your shoes, I would suck up the cash and talk to a professional. Better and likely cheaper than dealing with the IRS.

I’m a licensed CPA

 

[rottingcorpse]

Remember that road case you sold me that was SUPPOSED to fit a Marshall head? You read my pm's but didn't respond,did you?

 

[Bad.Seed]

In on this as well. Last year I sold well over $10K between Paypal and reverb but never got any sort of tax form. This year is looking the same.

 

[acidvoodoo]

20K in sales is the magic number. Once you reach that they have to report you to the IRS.

 

[GregM]

The 1099 threshold is $20,000 AND 200 or more transactions. My second job pays through Paypal and I've done more than $20,000 a year for more than a decade but there's no 1099 since it's less than 200 transactions.

 

[Markedman]

To the dude who bought the case - I still have all the correspondence if you want me to share it with all here RT. Not my fault and I have proof. Clear pictures were sent with the tape measure right there! You were the one who should have said, "nah, won't fit, thanks anyway" not after I sucked up a lot of the shipping charges. I do have all the proof.

 

[skullfxr]

That is something that scared me a few years ago. I didn't hit $10k but I didn't want to. I am not an accountant or tax lawyer so I have no answer. All I know is that I would check with someone who IS a PROFESSIONAL and NOT advice on a forum regarding tax/legal issues

If I were in your shoes, I would suck up the cash and talk to a professional. Better and likely cheaper than dealing with the IRS.

I’m a licensed CPA

Sorry bro, I didn't know that. ?

 

[rottingcorpse]

These both had Marshall heads in them. https://www.flickr.com/photos/100168049 ... res/7Y8WP2
These are for a Mesa Mark stack https://www.flickr.com/photos/100168049 ... res/9894T5

Direct quote from our pm's.

Guess I'm a sucker for taking you for your word. Should done the math and realized you were full of shit instead,right? And an additional "WHAA!!" for sucking it up on shipping.

But a super big FUCK YOU for ignoring my pm's afterward,you douche.

 

[Rick Lee]

Mrs. Lee got a 1099 for $30k from PayPal a few years ago. She hadn't kept many records of her cost basis, and spent a LOT of time reconstructing everything to wash out the gains. She buys and flips a lot of women's apparel items. I told her she needed to retrace every single trip to Nordstrom's Rack, Macy's, the post office, include roundtrip mileage, eBay and PayPal fees and returns - none of which were on the 1099. She ended up getting most of it to wash out, but it was a huge effort.

 

[skullfxr]

Mrs. Lee got a 1099 for $30k from PayPal a few years ago. She hadn't kept many records of her cost basis, and spent a LOT of time reconstructing everything to wash out the gains. She buys and flips a lot of women's apparel items. I told her she needed to retrace every single trip to Nordstrom's Rack, Macy's, the post office, include roundtrip mileage, eBay and PayPal fees and returns - none of which were on the 1099. She ended up getting most of it to wash out, but it was a huge effort.

Ouch! THAT would be frustrating.