1099K Limit

[cwilk]

I know this subject had been done to death. But the 600 dollar  limit for 1099s  that will go into effect next year is getting close.  I am a hobbyist.  I don't make a profit on most of my transactions.  I also don't want my hobby to complicate my already complicated income taxes.  I also don't want to pay for tax preparation because I'll need to file schedules to write off expenses related to something I'm doing for fun. Finally,   has anybody thought that 600 dollars is less than 12 dollars a week in sales.  12 dollars a week in sales isn't a business.  It isnt even a lemonade stand!  I'm looking for informed opinion.  Is the 600 dollar limit going to be law in 2025 or will there be another delay, or a more reassonible limit put in place?  This has been going round and round since I began Ebaying in 1999.  This is the closest its come to actually being implemented.  Fwiw.  I'm almost at 5k in sales for this year.  I reckon I'll stop trading until next year soon.  Finally.  It's laughable that me opening a box of baseball cards, finding a card I already have, and selling it at a huge loss  triggers a report to the IRS.

[ozonejr]

your response is right on maybe they want to keep giving billions to foreign countries he probably works for

the government

[mam98031]

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@ozonejr wrote:

your response is right on maybe they want to keep giving billions to foreign countries he probably works for

the government

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So LAME !!!  Because you don't agree with them, they must work for the "government".  It couldn't possibly be that you two just don't agree !!!!

[zmdeals]

To all the folks that keep squawking about "ALL income needs to be reported" Get real 99.99% of normal people do not report ALL income. The lady across the street that gave me a $10 gift card because I took her trash cans out while she was sick, went unreported! The $40 bucks I got from my cousins neighbor for my kids old bicycle, went unreported!  Wen I bought a new toolbox and sold the old one to a guy at work, went unreported! Am I in violation of tax code, sure. Reality is most people do not report ALL income.  

[mam98031]

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@zmdeals wrote:

To all the folks that keep squawking about "ALL income needs to be reported" Get real 99.99% of normal people do not report ALL income. The lady across the street that gave me a $10 gift card because I took her trash cans out while she was sick, went unreported! The $40 bucks I got from my cousins neighbor for my kids old bicycle, went unreported!  Wen I bought a new toolbox and sold the old one to a guy at work, went unreported! Am I in violation of tax code, sure. Reality is most people do not report ALL income.  

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I am real.  And I'm not talking about the $10 someone pays you for walking their dogs.  That is just something to try and dismiss the info we have been saying on the threads for years.  

You do whatever is right for you.  You know what we have been telling people all these years and we aren't talking about what you are trying to make this conversation about.  But whatever makes you feel good.  If it works for you, then that is what you should do.  It has no impact on me.

But remember, the 1099K form was create because of those trying to hide income earned for gig business.  That is exactly why the IRS created the form.

[pellet-miser]

Like give it away to another country that will just hate us anyway?