I received this link from PayPal about the IRS today.

[The Old Jaybird]

here's the real problem. You buy a cue, years ago, play with it, but then move on to something new/better and sell the old one via ebay. IRS wants their cut on the final selling price, with no consideration that you had to buy it in the first place. Its not ALL earnings or profit. The IRS can lean on the taxpayers knowing they don't have the means to fight back and will just give in and pay.

 

[shooter_Hans]

Perhaps the IRS knows the mentality of cue sellers.

A used $3,800 cue is now $4500.

Another well used daily player originally bought for $900 is now on AZB for $2100 because XYZ cue maker is dead or long ass waiting list.

ROFL Tax them to hell!

 

[SSP]

Perhaps the IRS knows the mentality of cue sellers.

A used $3,800 cue is now $4500.

Another well used daily player originally bought for $900 is now on AZB for $2100 because XYZ cue maker is dead or long ass waiting list.

ROFL Tax them to hell!

I had some David Tice cues I sold about 8 years ago, I got about 1/2 of what I paid for them, tax them to hell?, I know what you think of American citizens

 

[fastone371]

Quite possible you're not that smart?

Yeah, that must be it because the government (especially our president) is so damn honest.

 

[SSP]

Again, you can only deduct business expense. A pool cue isn't one of them unless you have a cue business.

IRS doesn't want a guy to start a cue business to offset losses from his primary income -or- start a hobby business.

For example....I get W2 because I am a wage employee. I start a car racing business and sell racing parts and I also race cars. The losses from racing business can't offset my regular job.

You can possibly, if I remember the correct form number, 4989 I believe (not sure), you can itemize what you sold and hopefully not pay taxes on the money received (loss).

IRS doesn't want a guy to start a cue business to offset losses from his primary income......if it is not illegal I could care less what the IRS wants me to do, the IRS is an unelected government agency that is SUPPOSED to serve the American people not the other way around.

 

[pwd72s]

1099's have been around since the early 1900's.

They are doing it because people are not paying their fair share of taxes, this is another way of ensuring that happens. Again, I am not agreeing with it, I just know the rules.

Please...what's a "fair share"?

 

[SSP]

Please...what's a "fair share"?

Didn't you see the personal check? It said Loan Repayment on it, it's good enough for the Biden's

 

[JolietJames]

Again, you can only deduct business expense. A pool cue isn't one of them unless you have a cue business.

IRS doesn't want a guy to start a cue business to offset losses from his primary income -or- start a hobby business.

For example....I get W2 because I am a wage employee. I start a car racing business and sell racing parts and I also race cars. The losses from racing business can't offset my regular job.

You can possibly, if I remember the correct form number, 4989 I believe (not sure), you can itemize what you sold and hopefully not pay taxes on the money received (loss).

The fact that we cannot offset gains PER 1099 shows us how big of a scam it is.
A few years ago I won a couple events at the state BCA championships.
I had to 1099 something like $2500. There should be a way to deduct table time, cue cost, hotel stay, etc.
Nope, just the standard deduction. My fair share of the federal money laundering scheme should be a big fat zero.
It was never intended to be levied upon individual wages yet here we are.

 

[shooter_Hans]

The fact that we cannot offset gains PER 1099 shows us how big of a scam it is.
A few years ago I won a couple events at the state BCA championships.
I had to 1099 something like $2500. There should be a way to deduct table time, cue cost, hotel stay, etc.
Nope, just the standard deduction. My fair share of the federal money laundering scheme should be a big fat zero.
It was never intended to be levied upon individual wages yet here we are.

Yep.

They should allow you to deduct your cost. It's pretty pathetic.

This is why the government hate thieves because they don't want competition.

 

[CLAUD]

The fact that we cannot offset gains PER 1099 shows us how big of a scam it is.
A few years ago I won a couple events at the state BCA championships.
I had to 1099 something like $2500.

Was it a 1099-MISC? If so was it in Box 3, other income?

 

[Coos Cues]

In every state in the US you only need 5 people or less to start a corporation.

I started an S corp with only me 25 years ago.

 

[Coos Cues]

IRS doesn't want a guy to start a cue business to offset losses from his primary income......if it is not illegal I could care less what the IRS wants me to do, the IRS is an unelected government agency that is SUPPOSED to serve the American people not the other way around.

I hope you mean a cue business to offset gains from his primary income.

Because I'm violating minimum wage laws every time I build and sell a cue!

 

[dnschmidt]

I used to sell tools on EBay and got a 1099 for the yearly total that I had sold them for. I got a letter from the IRS and explained to them that I had to buy the tools to begin with and had the receipts to prove that. After writing the IRS guy and explaining the situation it was agreed that I only owed taxes on MY PROFIT. This is still the way it is today although back when I was selling tools the total was $20,000 before they issued a 1099 and now it's $600.

 

[MitchAlsup]

The fact that we cannot offset gains PER 1099 shows us how big of a scam it is.
A few years ago I won a couple events at the state BCA championships.
I had to 1099 something like $2500.

Nice

There should be a way to deduct table time, cue cost, hotel stay, etc.

Actually, there is, you have to keep meticulous records of everything.

 

[maha]

most need to learn more about how tax works. because almost all have said things that were fully wrong and costly if you listened.

for one thing you can write off 3,000 in losses from your personal wage income if filed properly and carry forward more.


and most here likely pay far less in taxes than they cost the government and the general tax paying public each year. and if that is true with a person then they have no right to complain about fairness or taxes as certainly they don't pay their fair share.

 

[JolietJames]

Nice

Actually, there is, you have to keep meticulous records of everything.

I do not remember which 1099 CSI gave us.

I am suggesting having the ability to offset one gain individually.
If there is a way to do that specifically, someone should share it publicly.
The new standard deduction could not be reached no matter how I itemized.
I have a similar situation in 2023 when I did $3k of contract work.
I bought a new PC last year to facilitate programming from home which could offset the income if I am able to isolate that one check and deduct against it.
I fear that isn't the case, so more money for the .gov to launder through Ukraine...

 

[MitchAlsup]

I am suggesting having the ability to offset one gain individually.

Yes, you need receipts of what your bought and when, to back up your claim of gain = sale price - original cost.
If there are multiple components that make up the item, then you need receipts for each component.

If there is a way to do that specifically, someone should share it publicly.

You have to run your life as if it were a business, income, outgo, interest, losses, taxes, insurance, expenses,...
So few people are even capable of doing this that *.gov simply assumes any random filer cannot.

The new standard deduction could not be reached no matter how I itemized.
I have a similar situation in 2023 when I did $3k of contract work.
I bought a new PC last year to facilitate programming from home which could offset the income if I am able to isolate that one check and deduct against it.

You can amortize the percentage of that computer used EXCLUSIVELY for business purposes. So, if you use the computer for 1 day out of a month and use the rest of the time playing games, you can deduct 3% of its cost for business purposes.

I fear that isn't the case, so more money for the .gov to launder through Ukraine...

The money we spend in Ukraine is the cheapest program we have ever had in military armaments testing.
At the beginning of the invasion, we though Russia had the second best army in the world.
We now know Russia has the second best army in Ukraine.
We need to be preparing for the next war where tanks are obsolete, and every soldier is drone trained.

{{Now if any of us had any guts, we would be setting up an invasion of Russia from eastern Europe.}}.....

 

[dnschmidt]

The Ukraine War is the best deal ever for the United States. Ukraine provides the blood and we get jobs building the bombs. Ukraine will be for Russia what Vietnam was for us which was basically the end of American patriotism. We killed 50,000 Americas, permanently scarred tens of thousands more and ended what was until this disaster blind faith in our government as we knew this war was total bullshit that had no value. After losing at least 300,000 men the Russian people will eventually figure out how bad Putin's folly was and he will be gravely weakened, the Western Europeans will finally figure out that they have to support NATO or they will be next. Finally, may Henry Kissinger burn in the lowest reaches of hell forever right alongside Hitler and Stalin.

 

[maha]

sad but true

 

[maha]

for a side hustle/ business you can write off a lot of things connected to it. such as office expense . car mileage, tools, clothes, and many other things and items. some are of course not allowed.
for some things you dont have a receipt for you can use a good faith estimate. or perhaps an ebay price in that time frame.
there are many ways to legally skin a cat. you cant if you dont learn how to do it.
just having a written journal of things goes a long way if you get audited, and not likely if your return doesnt look out of place.

paying a lot in taxes is a good thing. it means you made more than those that didn't usually