Well, I got over the hump… the sales have commenced. 1099-K off for 23/24

[Bogner]

The Tax Thing Isn't Going To Come To Pass. In Fact "Taxes" Will Be Very Different (Much Better) Soon. If You Want To Park Your Proceeds Into Something Wise Then Start Stacking Silver. A Bank Is The Last Place I Would Park Money, Especially Now, Since So Many Banks Are Collapsing And Going Away All Over The World. In Addition To The Bank Failures, The De-Dollarization That Is Happening All Over The World Is Crashing The Fiat/Petro Dollar And The Bond Market Is Now Gone. Everything Is About To Change...Get Ready!

 

[sergiodeblanc]

The Tax Thing Isn't Going To Come To Pass. In Fact "Taxes" Will Be Very Different (Much Better) Soon. If You Want To Park Your Proceeds Into Something Wise Then Start Stacking Silver. A Bank Is The Last Place I Would Park Money, Especially Now, Since So Many Banks Are Collapsing And Going Away All Over The World. In Addition To The Bank Failures, The De-Dollarization That Is Happening All Over The World Is Crashing The Fiat/Petro Dollar And The Bond Market Is Now Gone. Everything Is About To Change...Get Ready!

Or to quote an NPC in GTAV: “Weed? Money? Same difference!”

 

[FatFingerBlues]

I have a limited budget for all of my toys
Fortunately I have a good friend with a SERIOUS GAS problems
This allows me to fondle and play some serious guitars
I borrowed one once and named it
He decided since I named it, I had to keep it
I am however legally prevented from naming another one of his Guitars

 

[Prina]

Up until this month, and the advent of the IRS thing, I didn’t feel like messing with the tax complications, however hard or easy that might have been.

Admittedly, it's a small sample size but I've had to deal with the IRS a number of times over the last few decades and they were always very reasonable, even forgiving. Until post COVID. Now it takes an hour on the phone just to talk with someone and then feels like uninformed, uncaring bureaucracy.

My advice: document everything: keep records of transactions and if you mail something to the IRS send it certified. Of course, coming from law enforcement I'm sure you're familiar with documenting.

 

[Daryl Jones]

While we live in adjacent countries and share many of the same things, our tax structures are certainly different. To my understanding, the IRS is far more complicated and involved than the CRA. While out tax returns pretty much require legal assistance (or at least a very qualified and knowledgeable accountant) the IRS appears to me to be a much more brutal (devious?) entity in chasing down monies that may be or are owed. So far (for now anyway) private sale items unless a registered commodity are pretty much exempt from required filing. Obviously real estate holdings and investments are well tracked and subject to often serious taxation, but personal goods are not really monitored or searched. I'm not sure what the actual dollar value would have to be in order to catch the eye of Canada Revenue, but it would be far more than just a few bucks on the positive side when selling something such as a guitar. Something I have yet to run into since I have so very seldom sold anything at a profit when unloading it. Obviously using a buy/sell site would be much different than a completely private sale since they are a registered business and subject to any and all taxation levies. Privately there is no GST (value added sales tax) on anything sold and even vehicles sold privately do not incur any tax.

 

[RickP]

There has been actual (if possibly temporary) downsizing.

I have sold a couple of pedals, several of my better microphones, and one guitar. It's the most selling I've done in two weeks in, well, ever. I went to look for the next victims, but I must be in post-partum because I can't pick one right now. I'll give it a few days. I do feel like I've started a process that'll be beneficial in the longer run, and folks on the other end are pumped up about getting their new cool gear. Merry Christmas to them, I'm glad it's all going where it'll get used more!

For business purposes, I'm going to wait to rack up more expenses (secret squirrel talk for buying gear) until 2024. That'll give me some time to consider what I might really need, if anything. This is strange ground I'm walking upon right now...

 

[dmatthews]

There has been actual (if possibly temporary) downsizing.

I have sold a couple of pedals, several of my better microphones, and one guitar. It's the most selling I've done in two weeks in, well, ever. I went to look for the next victims, but I must be in post-partum because I can't pick one right now. I'll give it a few days. I do feel like I've started a process that'll be beneficial in the longer run, and folks on the other end are pumped up about getting their new cool gear. Merry Christmas to them, I'm glad it's all going where it'll get used more!

For business purposes, I'm going to wait to rack up more expenses (secret squirrel talk for buying gear) until 2024. That'll give me some time to consider what I might really need, if anything. This is strange ground I'm walking upon right now...

Way to rip the bandage off and get on it!
I'm still being chicken...

 

[archtop]

Still blows my mind that congress set the threshold at $600 to catch all those “internet millionaires“ selling a guitar or old lawn mower on eBay. The 2024 threshold is $5,000 as part of “phasing in” to the $600 limit sometime in the future.

The $75 million for the IRS was probably for staff and systems to enforce this idiotic rule and catch people on Etsy selling hand made socks and making $601 annually.

 

[Alnus Rubra]

I can't imagine being a police officer in today's world.

No thanks, glad you made it through though.

Much better to be “just a chef”.