Thank You, IRS... now we get to pay tax on guitar sales. Lovely

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RickP said:
Just got notified by Reverb that they need my tax information if I sell anything over $600 in a year so they can report it to the IRS and issue me a 1099-K. Just wonderful. Is there anywhere the Feds don't want to wring out another drop of blood?

Person to Person sales, here I come.
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Perhaps what we need to do is to put what we have for sale in our signature byline.
 
RickP said:
Just got notified by Reverb that they need my tax information if I sell anything over $600 in a year so they can report it to the IRS and issue me a 1099-K. Just wonderful. Is there anywhere the Feds don't want to wring out another drop of blood?

Person to Person sales, here I come.
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You're certainly welcome to sell stuff on my forum. It's person-to-person. There are no fees. I'm not involved in a sale, so you're on your own re: reporting the transaction.

The forum site is listed right under my pithy quote.

"Just how pithy is your quote?"

"Don't pith me off, k? Thankth for your antithipated cooperation."
 
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The MAN stickin' it to us again!! :mad:I'm pretty convinced they have staff of a-holes, and their only job is to think of new and exciting ways to screw us. I must say, they are doing a fine, fine job.

Just keeps getting better and better doesn't it!?:mad:​

Okay, rant over...carry on:cool:
 
Steve's addiction said:
This is why if the BBB gets passed by congress they are going to hire 80000 new IRS agents to monitor this crap, including your bank accounts!!
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Yup......I've read that we can expect more audits going forward.

My wife is a real estate broker, we have rental properties, we have a lease arrangement with our shop which is set up as an LLC plus I still do band deductions.

We do everything by the book and I tell my tax people that if it sends up a red flag and risks an audit then I don't want to do it.

IRS audits are incredibly stressful and the thought of our government adding all those extra IRS agents only means one thing. I really ticks me off.

I'm so tired of it.
 
RickP said:
Just got notified by Reverb that they need my tax information if I sell anything over $600 in a year so they can report it to the IRS and issue me a 1099-K. Just wonderful. Is there anywhere the Feds don't want to wring out another drop of blood?

Person to Person sales, here I come.
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Rick it only states that you will get a 1099K if you sell over 600.00 nothing about reporting. From the research I’ve done it doesn’t mean it has to be reported. Purely tracking money ugh I know. So I believe there is/was a limit of 20K selling personal items. More than that you would have to report that as income. I’m no lawyer so please do your own research but did remember the Bay doing this years ago and that was what got me to search the IRS website about the 1099K form. A little grey in there explanation. This is a good thread and I’m certainly looking for other responses. Ken
 
Just a slight clarification I know the Selling websites report or send that 1099K to the IRS but again if it doesn’t meet there criteria as income then it’s purely tracking info not that I like it by far. K
 
Personally, I'm not a fan of it. That said, we here in the US still pay far less in taxes than most developed countries, so you have to keep that in perspective. Also, keep in mind that we're sitting in a forum for what would be considered a luxury brand. There are plenty of folks out there driving cars that are worth less than some of the guitars we own. At the of the day, no matter what your personal political stance is, paying taxes is part of being a member of a society and they're never going away.

If you really want to get pissed about taxes, you should question why the richest man in the world and a US citizen can get away with paying only 3% income tax (and bellyache on Twitter about it) when the average middle class family in the US paid 24.57% in 2021. We're paying the taxes so the rich don't have to and it's been that way for a long long time. Until the tax system is fixed and they're made to pay their fair share, complaining about paying taxes is simply pissing in the wind.

I'll take my soapbox and go home now.
 
Ok, slow your rolls.

My understanding is that this already existed, the number just got lower. And that it’s only if you profited more than $600. They will start asking you how much you paid for the item you’re selling (your cost basis), and then the 1099 is if you sold for more than you paid - think capital gains/losses.

This is a PRS forum, where are so the accountants?!?
 
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