Sellers will be sent a 1099 (taxable income) if they sell $600 + starting 2022

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JTMarsh
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Re: Sellers will be sent a 1099 (taxable income) if they sell $600 + starting 2022

Fri Apr 09, 2021 8:00 pm

TheSameIdiot wrote:
Fri Apr 09, 2021 2:18 pm
I honestly don't know how we're supposed to coexist in this country when we don't share a common reality. Anyway, enjoy the journalistic integrity of thefreeeagle.com or whatever.
You'd thinking living in DC you'd have greater insight as to WHY Amazon wants to own the Washington Post in the first place. I'll give you a hint, it isn't altruism or because Jeffy boy enjoys reading the "Family Circle."
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Re: Sellers will be sent a 1099 (taxable income) if they sell $600 + starting 2022

Fri Apr 09, 2021 8:02 pm

Getting off topic guys.....
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TheSameIdiot
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Re: Sellers will be sent a 1099 (taxable income) if they sell $600 + starting 2022

Fri Apr 09, 2021 10:25 pm

JTMarsh wrote:
Fri Apr 09, 2021 8:00 pm
TheSameIdiot wrote:
Fri Apr 09, 2021 2:18 pm
I honestly don't know how we're supposed to coexist in this country when we don't share a common reality. Anyway, enjoy the journalistic integrity of thefreeeagle.com or whatever.
You'd thinking living in DC you'd have greater insight as to WHY Amazon wants to own the Washington Post in the first place. I'll give you a hint, it isn't altruism or because Jeffy boy enjoys reading the "Family Circle."

Because it's one of the country's two profitable print media operations? The question becomes whether I think the editors, journalists, and newsroom can maintain integrity regardless of who pays the bills. Obviously we disagree on that.

I trust the media—even if I regularly disagree with how they frame stories. If I didn't get my information from trained members of the press who still believe in the sanctity of journalism, then I would probably be resorting to Facebook and YouTube. Not an option for me.

But it's probably time to agree to disagree and move on.
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ODBJBG
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Re: Sellers will be sent a 1099 (taxable income) if they sell $600 + starting 2022

Sat Apr 10, 2021 7:28 am

I don't trust big businesses, the government, mainstream news media, scientists, doctors and any other elite telling me anything!

There's this guy on Facebook who posts memes where I get most my info, and then there's some "regular folk" on my talk radio stations and a couple of TV channels that report the REAL news (these guys are multimillionaires and often heirs to frozen food empires but I just ignore that cause I like to pretend they're "regular" just like me) and tell me not to trust those gosh darn alien pedophile elites who want to raise my taxes or provide me basic healthcare!

Now if you'll excuse me, I'm going to go get in my truck (made by a giant corporation) and cheer on the military (ran by the government and paid for by taxes) while I hoard processed food for the end times in my basement in my tin foil hat. ALSO DON'T TREAD ON ME EBAY! I don't need no bridges and roads, you won't tax me for my little plastic army men!
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Fly4v
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Re: Sellers will be sent a 1099 (taxable income) if they sell $600 + starting 2022

Sat Apr 10, 2021 8:22 am

Mister Skeezler wrote:
Tue Apr 06, 2021 8:56 pm
I have things to sell, but I never get around to it. I try to trade first.
I already paid taxes when I originally purchased the items. Don't run a business and I don't make a profit when I sell stuff.

Just another example of the average citizen getting screwed.

https://youtu.be/xZCypUOH8js?t=13

Direct barter will take the place of sales... and then the government will ruin that.
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Re: Sellers will be sent a 1099 (taxable income) if they sell $600 + starting 2022

Sat Apr 10, 2021 9:12 am

Wish a few of you would take a forced vacation from the site so we could stay on topic. This thread's info/conversation is invaluable to some, so it's incredibly rude to turn this into something that could get it pruned and restarted simply because your politics and petty cheapshots are so valuable to you and your egos.
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CaptainRon
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Sellers will be sent a 1099 (taxable income) if they sell $600 + starting 2022

Sat Apr 10, 2021 1:20 pm

This definitely will require some spending changes on my end. I’ll have to reconsider buying a wave with three figures (looking at you new IM wave) I don’t want or need, with the thought of “I’ll just sell them on eBay and recoup the funds”. My ability to self-fund my future purchases with sales of my no longer wanted older figures has been pretty crucial to my hobby (and marriage). I never came near $20k in sales but $5k a year wasn’t unheard of.


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ftw-jedi
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Re: Sellers will be sent a 1099 (taxable income) if they sell $600 + starting 2022

Sat Apr 10, 2021 1:47 pm

Question... say I win a free raffle for a comic and toy and sell it for $600 or more, how do I report the original cost?

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Deckard
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Re: Sellers will be sent a 1099 (taxable income) if they sell $600 + starting 2022

Sat Apr 10, 2021 4:33 pm

Or if you make a one of a kind custom figure
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SalemCrow
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Re: Sellers will be sent a 1099 (taxable income) if they sell $600 + starting 2022

Sat Apr 10, 2021 5:59 pm

jimbles wrote:
Sat Apr 10, 2021 9:12 am
Wish a few of you would take a forced vacation from the site so we could stay on topic. This thread's info/conversation is invaluable to some, so it's incredibly rude to turn this into something that could get it pruned and restarted simply because your politics and petty cheapshots are so valuable to you and your egos.
Welcome to the Fwoosh. You must be new. :lol:

Getting off topic, and often getting political if the topic even HINTS at any being involved, is exactly what this forum has been doing for years.

It's rare that it causes a thread to be removed.
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Re: Sellers will be sent a 1099 (taxable income) if they sell $600 + starting 2022

Sat Apr 10, 2021 6:27 pm

I've been collecting toys for decades and like most here, I have been selling off extra stuff for years. The tax thing isn't that big of a deal even though I thought it was at first. One year I purged a lot of old stuff and made a good amount so I went to my accountant and asked how to claim the money on my taxes. Anything I have a receipt for, usually only online purchases, I get a screen grab and keep it in a folder. Anything else I have no proof of what I paid, but my accountant said that the government realizes there was a cost involved and just wants to see consistency along with an attempt at honesty. There is also depreciation involved so saying I paid $300 for my old X-Box that I sold for $50 because that was the retail price at the time means nothing. If I had a receipt, I could say that. I wouldn't recommend keeping a spreadsheet with costs for tax purposes unless you also keep the proof of that cost. She tells her clients it's fair to say you sold something for 2.5 times what you paid for it. If I sold an item for $25, I can safely say I paid $10 and also deduct any online fees. I actually claim that I sold everything without a receipt for 3 times what I paid just in case I ever ran into an issue. I want to be able to show I'm not trying to rip off the government.
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christianpyro
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Re: Sellers will be sent a 1099 (taxable income) if they sell $600 + starting 2022

Sat Apr 10, 2021 6:36 pm

ftw-jedi wrote:
Sat Apr 10, 2021 1:47 pm
Question... say I win a free raffle for a comic and toy and sell it for $600 or more, how do I report the original cost?

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If you win an item and later sell it, you could report the cost of the raffle tickets, and any costs involved in selling it (shipping, fees), but could not claim the MSRP of the item, as you did not pay for that. You report any gains, and deduct any costs.

Is the same for gifts. You can't report the original cost of the gift, since you didn't pay for it. If you are filing jointly with a spouse, and your spouse purchased it for you , you could. But if someone else paid for the item and gave it to you, you couldn't.
Threash
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Re: Sellers will be sent a 1099 (taxable income) if they sell $600 + starting 2022

Sat Apr 10, 2021 6:49 pm

I don't really have a problem with this but i'm still going to try to sell as much as possible this year before it kicks in, more money is more money. Also since ebay and paypal are no longer tied together technically i can sell 599 on paypal and 599 on ebay.
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Re: Sellers will be sent a 1099 (taxable income) if they sell $600 + starting 2022

Sat Apr 10, 2021 7:28 pm

If this is causing you concern, do what captain cracker did; talk to your accountant.
If you don't have an accountant, your income is most likely too low for this to affect you much anyways.
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Ultramane
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Re: Sellers will be sent a 1099 (taxable income) if they sell $600 + starting 2022

Sat Apr 10, 2021 8:48 pm

hi i think this needs to be brought up since that's been mentioned multiple times now: the IRS goes after people with low income because it's easier than going after rich ones. sorry for the fox link:
https://www.google.com/amp/s/www.foxbus ... easier.amp

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