quote:

Originally posted by r0gue:
Ok, so there is a place on a form where I show my math on that individual transaction?, and the loss is deducted from the sale, not my income, thus muting out the 1099k report from eBay or Reverb? Because as I've said, I do not, and really can not itemize my normal tax return.

1099s have zip, nadda, zero, nothing to do with your deductions, period, exclamation point! I don’t know why you keep bringing your deductions up.

Yes, for each type of 1099 there is a place on your return to report that information and any additional relevant information. Take a 1099-INT, which most people have some experience with (well maybe not lately), it reports the amount of interest you earned on a particular account. Like a savings account, CD, bond, etc. You would report this on Schedule B.

I don’t know which form you report a 1099-K on as I’ve never had to, but if there’s a gain, it will eventually flow through to Schedule D. If there’s no gain and what was sold was not held for investment, whatever form of the 1040 that’s used to report 1099-K’s is as far as that information will go on your return.

i think the tax laws are too complicated

Anyone ready to get on board with "taxation is theft" yet?

The whole system needs to be gutted.

quote:

Originally posted by AKSuperDually:
Anyone ready to get on board with "taxation is theft" yet?

The whole system needs to be gutted.

I vote for shoot the bastards!

Craigslist, Facebook marketplace, web boards, those will be the venues for 1099 adverse people.

Folks that are not making a living selling old items, and don't like or want to mess with 1099's are going to go underground.

Others will sell one time on EweBay and get a 1099, get upset and never list again..

Governments think there are billions in tax revenue from these sales unreported, people think they pay enough and taxes are overcomplicated.

Voters will never change out the people in charge.

quote:

Originally posted by r0gue:
Let's simplify.

I buy a $1000 set of golf clubs. And I decide I hate them and sell them a week later for $550 on eBay. They send me after fees $500.

I believe I will be taxed $500, and I do not believe there is a way for me to deduct the $500 more that I paid, let alone the $50.

Here is more info showing you will not have to pay tax in your situation. Also hopefully the lobbying will result in reversing this new reporting requirement.

https://www.ebay.com/sellercen...ebay-and-your-1099-k

Good news

https://www.zerohedge.com/poli...ays-600-gig-tax-rule

To simplify, if the sale amount meets a threshold required, be it $600 or otherwise, this only results in a requirement to send in a 1099, so the government knows you sold that item for that amount. It DOES NOT mean you have to pay taxes in the amount of the 1099.

Get a 1099 for $5000? Item cost you $5001? You have no gain, and thus no taxes owed.

In the past you probably ignored all that (ebven if there was a gain). Now, if you get a 1099, you have to report it in your return because the IRS knows about it. So you show the sale and your cost and you have no gain.

Will a sale between forum members be hit for taxes? How about face to face (non gun) sales. Or gun consignment at your LGS

Face to face? Do cash and nobody knows what happened or didn't happen. Gun consignment involves paperwork so lots of people will know.

No its just online sales that are reported, like stuff on Ebay etc. Before the new law you could sell up to 20K per year w/o reporting. Then they dropped that to 600.00, which is now delayed to be re-worked.

I saw today that the IRS announced they were delaying this until next year.
I guess to give our dumber than a stump Congress a little time to rethink this train-wreck they created.

https://www.kiplinger.com/taxe...ew-form-1099-k-rules

quote:

Originally posted by FishOn:
Good news

https://www.zerohedge.com/poli...ays-600-gig-tax-rule

It'll be good news when it's permanently shelved.

Rotten bastards.

So I get that if it is actual income you should be reporting it as so.

What I would like to know is what documentation you have to do and how complicated it is to “write off” transactions that aren’t income.

Gists are not income, I have to people each gift me $300 over the course of the year and now I get a 1099 for $600. What do I have to do to show it wasn’t income? Just not include it? But the IRS gets the 1099 info as well. If I don’t do something with it, will it be a potential flag for audit?

If I buy a $1000 camera this year and sell it for $750 next year, I get a 1099. How do I report the original cost to show there was no profit (income)?

Just like the government to spend $1000 to try and collect $100 while giving away $1,000,000

quote:

Originally posted by Balzé Halzé:
Rotten bastards.

I'm going to guess you're not the only one that feels that way.

"The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, all of them imaginary." ~ H. L. Mencken

That's what this $600 1099 amounts to. Something to take our mind off stolen elections. Cassius Clay taught rope a dope in the 1960s.

Looks like the IRS is about to start this nonsense back up now, chasing everyone down for anything over $600

Starting with going after your sports and Taylor Swift tickets:


Ticketmaster, StubHub to report resales of over $600 to IRS

https://www.irs.gov/publicatio...22_publink1000229580


Publication 525 has a good number of examples and different scenarios.

I wonder about a garage sale of many things that each sold for pennies on the dollar but the total take is over 600$.

How about selling a Hammerli to a forum member out of state for a profit?

quote:

Originally posted by r0gue:
Let's simplify.

I buy a $1000 set of golf clubs. And I decide I hate them and sell them a week later for $550 on eBay. They send me after fees $500.

I believe I will be taxed $500, and I do not believe there is a way for me to deduct the $500 more that I paid, let alone the $50.

False. You would show $550 received - $50 in costs and $1000 in cost of goods sold. Net loss is $500. No tax owed. You cannot use the loss to offset any other tax if the goods were for personal use and enjoyment only. If you buy and sell as a business, then you may be able to use that loss to offset other income. It will increase your work in filing a tax return because you will have a business income form for your tax return.