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re: IRS warns taxpayers about new $600 threshold for third-party payment reporting
Posted on 11/26/22 at 10:43 am to Oates Mustache
Posted on 11/26/22 at 10:43 am to Oates Mustache
I got a notice from ebay that said before they can deposit anymore money in my checking account from the junk I've sold I had to give them my social number. It was because I was over the $600 limit.
So I guess now I will pay taxes on stuff that I've already paid taxes on and now resold?
So I guess now I will pay taxes on stuff that I've already paid taxes on and now resold?
6
Posted on 11/26/22 at 10:48 am to Turnblad85
quote:
So I guess now I will pay taxes on stuff that I've already paid taxes on and now resold?
Exactly. Taxing people on shite that's already been taxed.
Posted on 11/26/22 at 10:56 am to Turnblad85
Tried to sell some LSU tickets a month ago and wouldn’t let me list them without my federal tax ID. ridiculous
Posted on 11/26/22 at 11:12 am to Turnblad85
quote:
I got a notice from ebay that said before they can deposit anymore money in my checking account from the junk I've sold I had to give them my social number. It was because I was over the $600 limit.
So I guess now I will pay taxes on stuff that I've already paid taxes on and now resold?
You are selling it at a loss. Hopefully someone pushes the issues that these should be deductions for many people, not income.
Posted on 11/26/22 at 11:15 am to Turnblad85
quote:
So I guess now I will pay taxes on stuff that I've already paid taxes on and now resold?
IF you can show your basis is higher than the amount realized from the sale you do not owe any taxes.
The initial limit of 20K or (I think) 200 transactions was IMO reasonable because there were a lot of people using eBay as a business but didn't report the income. Dropping it to $600 is just a joke and will cost people time and money well above any "profit" just to deal with their tax prep.
Posted on 11/26/22 at 4:25 pm to Turnblad85
quote:
got a notice from ebay that said before they can deposit anymore money in my checking account from the junk I've sold I had to give them my social number. It was because I was over the $600 limit.
So I guess now I will pay taxes on stuff that I've already paid taxes on and now resold?
Yeah it's some dumb shite. Just a way for them to get more money out of us.
I thought they started the 600$ threshold last yr.
Posted on 11/27/22 at 9:22 am to Turnblad85
quote:
So I guess now I will pay taxes on stuff that I've already paid taxes on and now resold?
You’re going to pay taxes on the profit from the resale. That’s the way it should be.
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