1099-K

[ridgep]

I'm just learning about the new 1099-K  form of course after just setting up bank account. I was excited about getting started selling small items but if the threshold is not raised significantly, I will pretty much remain a buyer if all the good deals don't in fact dry up also. Big dissappointment to be taxed again on something I already owned. Time to look for other income sources.

[stephenmorgan]

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@wildpitchsports wrote:

Lucky you found out now, imagine the shocked faced of millions of Americans when they are spending their refund only to get hit with a 1099K in Feb for thousands of dollars in income...

Eh, they'll more than likely just take it.

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That is a good point you have.  I have know people to file taxes, get an electronic refund and then later get a 1099 for something they forgot about.  Now they have to do a 1099X Amended tax Return.  I think there will be a lot of people paying extra tax preparer fees to do their taxes. 

I am sure paid tax prepares will be excited.  From what I have seen, paid tax preparers charge fees by the form.  How many additional forms are required because of a 1099K?

[kensgiftshop]

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@hachumi wrote:

The only answer you will hear from this board on the 1099 is you were supposed to be paying your tax anyway and the only people that are effected by this are the deadbeats who haven't been paying all along.  The internet is wonderful in the fact that everybody becomes law-abiding citizens when it comes to calling somebody out.  The system we live in now,  is where everything that comes to you as a gain, then you are ment to give the government some, and if it wasn't a gain it's up to you to prove it.  But this is only for people that can not afford to pay somebody to find them the loopholes.  Even sadder how people cheer this on, because it gives them the smug feeling of being a righteous keyboard warrior.

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There's no reason to pay someone to do your taxes.

The programs they have now make it pretty easy to fill out your taxes as long as you have all your numbers.

[kensgiftshop]

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@hachumi wrote:

So you'ed turn in Grandma to the IRS for going to the thrift store a few times a month and making a little profit off of Ebay, so she doesn't have to eat just cat food right?   Or would you just do that on the forums because she's  scoffing at the law?    

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I would make sure that Grandma had enough food and wasn't having to eat cat food.

[kensgiftshop]

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@hachumi wrote:

Then why is the Treshold for 1099, 600.00?
Why is grandma forced to be a CPA now, let alone try to live, she's old the brain and body don't work like they used to from working all her life?  
What you say works in a perfect world, get off your computer and go outside, it's not so perfect anymore.

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If Grandma can figure out how to sell on Ebay and get items shipped, I'm pretty sure she can figure out how to do her taxes.

[gloryglorygifts]

I have a friend like that too. Been doing flea markets and fairs for 12 years now and just applied for the tax sale certificate and created a corp last year. She's in for a rude awakening too, I'm afraid. Flea markets and fairs are great fun when you are in your 20's and 30's. Not so much when you have to do them to eat and pay your mortgage in your 70's.