Pay pal question?
- Thread starter Bob Farr
- Start date
https://www.irs.gov/newsroom/irs-an...this means,to phase in reporting requirements.
Here's the actual word from the source. So that lower threshold is coming next year for sure. Again, swine. Trying to levy taxes on peer to peer transactions; 90% of the time I'm selling items I've already purchased second hand...at a loss too.
Here's the actual word from the source. So that lower threshold is coming next year for sure. Again, swine. Trying to levy taxes on peer to peer transactions; 90% of the time I'm selling items I've already purchased second hand...at a loss too.
dendweller
Well-known member
I heard there are politicians on both sides that are trying to raise this. 600 in a year to complicate your taxes is down right silly.
Yeah, the change to $600 was supposed to be in place for this year and then they pushed it back late in the year. Frustrating because I held off on selling in ways that would show up on Paypal to avoid it and turns out I didn't have to for 2023. And $600 seems absurdly low to me.
To some extent I get what they're trying to do, tax people who are running a side business for which they should be paying taxes already and they're simply adding a reporting element to that.
But, it creates an awfully big hassle for people who sell a lot of stuff second hand, not to make a profit but just to recoup some of the expense. Even if you don't owe taxes on any transaction (no profit) you still have to have it all documented which is a pain. And you cannot write off your losses if you're not a business so at best you add a lot of documentation and pay no additional tax.
I wish they'd settle on a higher limit. Doesn't need to be $20k, but at least $5-10k seems reasonable.
To some extent I get what they're trying to do, tax people who are running a side business for which they should be paying taxes already and they're simply adding a reporting element to that.
But, it creates an awfully big hassle for people who sell a lot of stuff second hand, not to make a profit but just to recoup some of the expense. Even if you don't owe taxes on any transaction (no profit) you still have to have it all documented which is a pain. And you cannot write off your losses if you're not a business so at best you add a lot of documentation and pay no additional tax.
I wish they'd settle on a higher limit. Doesn't need to be $20k, but at least $5-10k seems reasonable.
Would you rather an old west style of commercial operation where anyone can rip anyone off ?? Caveat Emptor
Or
Would you prefer an organized market place, policed, and regulated so you don't get the wild west treatment ?? comes with Taxes.
Or
Would you prefer an organized market place, policed, and regulated so you don't get the wild west treatment ?? comes with Taxes.
23DenaliBDE
Well-known member
The answer is always less government. Always.
I concur with these sentiments; there’s always a reasonable balance point and this feels generally correct.
I have had to cut some rather large checks for the past few April 15s, can’t help but feel a bit crowded by all this.
Show me a libertarian governmental system that has survived more than 14 years.
anywhere on earth from the time of the ancient Greeks to the present.
I think more folks wouldn't be so interested in a system that advocates for fewer taxes, if what taxes that were collected were used better in the first place
tomatoshooter
Well-known member
Yeah, I don't object to paying taxes; armies, firefighters, and roads ain't free. But like you say, most of these transactions are not business. If I win a high dollar pool tournament (just go along for the sake of argument), and the tax man comes, can I claim a loss on all those tournaments that I was dead money in? Can I write off the gas? A portion of my rent for my pool room? Etc.
23DenaliBDE
Well-known member
Yep, that’s what I said. You really showed me
t.s.
yes you can write off your losses against your wins. and if you use it as a side business or your main then you might or likely can write off other expenses such as travel , car, etc.
wins get taxed and proven losses can be deducted from that
if getting 1099's or such you should definitely read up on the tax laws and regs. and most likely see a tax accountant before that tax year ends.
yes you can write off your losses against your wins. and if you use it as a side business or your main then you might or likely can write off other expenses such as travel , car, etc.
wins get taxed and proven losses can be deducted from that
if getting 1099's or such you should definitely read up on the tax laws and regs. and most likely see a tax accountant before that tax year ends.