No anyone who sells more than $600 of merchandise will have Archived Message
Posted by SandyNY on January 6, 2022, 8:33 pm, in reply to "I'm confused...(which is nothing new for me)... "
sales reported to the IRS as income. The seller will be responsible for reporting the income to the irs unless you can document that you have lost money. That means that you need original receipts or some method of proving what you paid. If you are selling at a loss and you can’t document your loss you are not in good shape to say it isn’t income. I am not an accountant so am not an expert on this stuff but it isn’t something most people who are not doll dealers/business people would want to deal with. Most of us are just collectors. Stuff like this could trigger an audit with all the irs agents that are going to be hired. I recommend anyone with questions about this speak to your accountant or tax preparer or a tax attorney if you have one so you fully understand the tax implications of this. This is especially true if you are lower income because you would not want to lose benefits if doll sales pushed your income over a threshold.
|
Message Thread:
- New tax reporting rules and doll sales >>> - Kathleen in NKY January 6, 2022, 9:15 am
- I'm confused...(which is nothing new for me)... - Kathy in Dayton January 6, 2022, 5:36 pm
- No anyone who sells more than $600 of merchandise will have - SandyNY January 6, 2022, 8:33 pm
- I wonder how this will effect selling recently deceased peoples stuff? - George in NC January 6, 2022, 1:48 pm
- You just need to keep realllllly good records>>> - CherylStG January 6, 2022, 1:16 pm
- Yup, I totally agree with Deb and Sandy. I need to research this, but is $600 the just the threshold - Sue in ABQ January 6, 2022, 11:35 am
- I quit selling on eBay & still rec'd an Illinois tax form last year. It showed $$ received thru ..> - IL Deb January 6, 2022, 11:18 am
- My take is that this will effect the way I can sell - SandyNY January 6, 2022, 10:46 am
|
|