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Re: ebay letter [Re: TJP] #3041714
05/12/22 07:33 AM
05/12/22 07:33 AM
Joined: Jan 2003
Posts: 2,033
MD
RTSE4ME Offline
top fuel
RTSE4ME  Offline
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Joined: Jan 2003
Posts: 2,033
MD
Originally Posted by TJP
Originally Posted by bigdad
If you deposit more than $600 into you bank in the form of cash the bank has to report that too now I believe

That was overturned likely due to the banks had a bit more influence over our elected officials. I believe the limit is still 10K for a single transaction before a flag goes up. But i wouldn't test the waters by making too many high $$ deposits.
And yes I filled the letter out and spoke with my representatives. My understanding is EBay is still working very hard to get this overturned to a more reasonable number. The more that bi-ch th e more likely something will change twocents beer


I was wondering why my bank stopped asking me questions when I made a large withdrawal. They wanted to know what the money for , I always told them hookers and blow.
I only accept cash/MO/check when I sell anything over $500

Re: ebay letter [Re: bigdad] #3041720
05/12/22 07:59 AM
05/12/22 07:59 AM
Joined: Apr 2005
Posts: 4,910
new berlin wisconsin
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Mr T2U Offline
master
Mr T2U  Offline
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Joined: Apr 2005
Posts: 4,910
new berlin wisconsin
Originally Posted by bigdad
If you deposit more than $600 into you bank in the form of cash the bank has to report that too now I believe


i have a friend who owns a independent euro car repair business with over 2 million in yearly sales.
he was complaining about how his new bank hates cash. he was thinking about changing back to his old bank with higher fees just because of this.


perception is 90% of reality
Re: ebay letter [Re: AndyF] #3041722
05/12/22 08:09 AM
05/12/22 08:09 AM
Joined: Jan 2003
Posts: 1,635
PA
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70Duster Offline
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Posts: 1,635
PA
Originally Posted by AndyF


If the IRS wants the returns to match the 1099 then they'll need to rewrite the return forms because right now there isn't a box for ebay or paypal income. So nothing is going to match unless they rewrite the forms.


Unfortunately, tax law isn't as simple as filling in numbers in a specific box for a specific document that you receive.

Tax law and IRS publications say that you should report the sale of collectibles on Form 8949 and Schedule D as long or short term capital gains.

If what you're selling isn't considered a collectible, then it's considered a business which involves filling out Schedule C for the income tax, and schedule SE for the self employment tax that will be due in addition to the regular income tax.

The additional forms filed increase the chance for an audit. And without proper receipts necessary to substantiate the correct cost basis for each item, it's just not worth the hassle. Maybe we need to stick to Craigslist or revive the local newspaper classifieds again to keep third parties out of small transactions when you're just trying to clean out the basement or garage .

Re: ebay letter [Re: Neil] #3041726
05/12/22 08:26 AM
05/12/22 08:26 AM
Joined: Jan 2003
Posts: 10,666
North Dakota
6PakBee Offline
I Live Here
6PakBee  Offline
I Live Here

Joined: Jan 2003
Posts: 10,666
North Dakota
Originally Posted by Neil

If you sell stuff on CL, or the swap meets, for too cheap flippers or local hoarders grab it that is no good either. Lots of the local Mopar project cars and desirable parts are being held hostage by a handful of older guys who are waiting for the prices to keep going up so they can make $$$ later. They grab deals and then just put the stuff on the shelf until the price far exceeds what they paid for it.


I thought that was the American way to make money, buy low, sell high. grin


"We live in a time when intelligent people are being silenced so that stupid people won't be offended".
Re: ebay letter [Re: 6PakBee] #3041876
05/12/22 09:11 PM
05/12/22 09:11 PM
Joined: Jan 2003
Posts: 10,486
Freeport IL USA
poorboy Offline
I Live Here
poorboy  Offline
I Live Here

Joined: Jan 2003
Posts: 10,486
Freeport IL USA
You all should be complaining to your congressional people where it might make a difference, not here or not to e bay, they are pretty much in the same boat you are in.

The congressional switchboard number is 202-224-3121.
Tell them your name and where you live. Tell them you want to speak with your State Representative and your State Senator, and the reason you want to speak with them. The information is cataloged and everyone will know you were concerned about this issue. Be very nice to the person you speak with.

They will either give you a number to call for each representative or Senator, or they may connect you to their office. Then call, or talk, with the person in that office. It will likely be an office worker, but it could be your representative. Again, be very nice and tell them what you want, and why. These calls to the Fed Government are all recorded, don't be abusive or say stupid stuff!

If enough people get involved, it does make a difference, sometimes.

Re: ebay letter [Re: poorboy] #3041887
05/12/22 10:04 PM
05/12/22 10:04 PM
Joined: Jan 2003
Posts: 15,197
Omaha Ne
T
TJP Offline
I Live Here
TJP  Offline
I Live Here
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Joined: Jan 2003
Posts: 15,197
Omaha Ne
Originally Posted by poorboy
You all should be complaining to your congressional people where it might make a difference, not here or not to e bay, they are pretty much in the same boat you are in.

The congressional switchboard number is 202-224-3121.
Tell them your name and where you live. Tell them you want to speak with your State Representative and your State Senator, and the reason you want to speak with them. The information is cataloged and everyone will know you were concerned about this issue. Be very nice to the person you speak with.

They will either give you a number to call for each representative or Senator, or they may connect you to their office. Then call, or talk, with the person in that office. It will likely be an office worker, but it could be your representative. Again, be very nice and tell them what you want, and why. These calls to the Fed Government are all recorded, don't be abusive or say stupid stuff!

If enough people get involved, it does make a difference, sometimes.


up iagree
I do have to Comment what roasts my rhoids is,
They Taxed us on the income we made while working.
They Taxed us again when we bought the items
Now they want to TAX us a 3rd time
if we sell using a TPO unless of course we can PROVE that we're not making a profit on something that who knows when it was bought or otherwise acquired.

I understand the desire of capturing those that were making a living by reselling items and not reporting the income. But dropping from 20K a year to 600.00 was obviously aimed at the middle to lower income classes.
What happened to the campaign promises to go after to corporations and upper 10-20% that pay little or nothing?

IF they really wanted to level the field a flat across the board sales tax should be implemented doing away wit all other forms of taxation.
An individual / corporation is now taxed on what they spend. So if you're Warren Buffet and live as he does (frugally) that is how you are taxed. On the other hand if your Gates, trump or anyone else that lives more lavishly, you're e taxed accordingly. SIMPLE wink It also captures all that illegal unreported income when Guido buys his new Lambo.
In Addition all those IRS employees can be furloughed and fill the jobs at McDonald's, wally world etc. That in itself would make a good dent in Gov. spending, Save a bunch of trees etc. Then dump the "Do not Call registry" which is doing nothing except adding to the deficit. I could go on but my point has been made and I hope it is not deemed to political. If so I apologize up front beer popcorn

Re: ebay letter [Re: TJP] #3042869
05/16/22 06:00 PM
05/16/22 06:00 PM
Joined: Jan 2003
Posts: 43,459
Round Lake Beach, Illinoisy
Rhinodart Offline
Rhinotruck
Rhinodart  Offline
Rhinotruck

Joined: Jan 2003
Posts: 43,459
Round Lake Beach, Illinoisy
I don't worry about getting audited, I am a small fish and it would cost the taxpayers more to go after me than it is worth. If they want to take everything I own then good luck to you. Just ask 20% more than your stuff is worth, that will pay the tax or your item won't sell, no skin off my back... twocents


The funny thing about science is that if you change one miniscule parameter you change the entire outcome to the way you want it.

JB Rhinehart, Realist

A-Body's RULE!
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