Redemption

[rosemary6525]

We is redeemed  IRS going back to OLD TIMES   how many of u are glad???????????????

[rosemary6525]

Good answer!  The new threshold saves someone bunch time of going thru tiny sales, of which, 90% of the sales resulted in losses.    It will also save the IRS bunch of money too.  Sure it would have taken extra help to go thru 250 sales by Buster Goodbody and finding out that in the middle of the year,  he sold a fish reel for $100 that back in 1975 sold for $10.      That monster profit resulted in him having a net profit of $50 for yr

Hey he owes the IRS now $10  the thief

[nh_sales_lv]

Everyone asks if you claimed that $1.99 Cheeto that looks like Jesus you sold on your 1099 but nobody asks how much Federal Tax Ebay pays on 10 Billion Dollars of Income each year. I sure would like to know that amount.

[powell-collectibles]

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@nh_sales_lv wrote:

Everyone asks if you claimed that $1.99 Cheeto that looks like Jesus you sold on your 1099 but nobody asks how much Federal Tax Ebay pays on 10 Billion Dollars of Income each year. I sure would like to know that amount.

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No one is asking on these boards because that is public information. Last year, eBay paid around $300 million in income tax.

[ebooksdiva]

Just because the threshold is now 20,000 and 200 sales and your state may or may not have a threshold, you still are required to declare your eBay earnings.

[deltilogical]

Time to repeal the 16th Amendment if it was ever legally ratified.

[pickapaper]

@rosemary6525  wrote:  "'The new threshold saves someone bunch time of going thru tiny sales, of which, 90% of the sales resulted in losses."

If "someone" is selling and 90% of their sales resulted in losses, then something is wrong somewhere.  Why would anyone put the time and effort into selling if they are losing money on nine out of 10 of their sales?

[nh_sales_lv]

So Ebay paid 0.03%. I'm comfortable with that. I'm willing to pay the IRS 0.03% of my Net.

[powell-collectibles]

1) companies and individuals pay taxes on profits, not revenue 

2) $300M out of $10B is not 0.03%, it is 3%

[quadcitypickers]

Yes, I was trolling in my original reply.

But consider this..

Al Capone committed literally every crime imaginable, but the judicial system was only able to nail him on tax evasion charges. 

The IRS does not fool around.

The IRS can garnish your wages, seize your assets AND even take your home, ALL without a court order!

They add penalties AND interest to your previous amounts you did not claim. 

So to come here bragging "look ma! I don't havta pay taxes no more!"

Is not a very good look. I for one would rather stay on the good side of the IRS. 

[powell-collectibles]

Absolutely, I wouldn’t recommend cheating on taxes. But the fear mongering about the IRS is a little bit silly. It has been decades since reform of the IRS to make it much kinder and gentler. And the penalties and back interest aren’t really a huge deal unless we’re talking about massive tax fraud. That people have to go back and say Al Capone as a great example of why you don’t mess around with the IRS tells you what you need to know. Sure, living a life that takes $10 million a year and claiming you make $500 of income is a bit hard to disguise if someone’s really looking at it. Someone making $200,000 and not reporting $100 of eBay profit – no one‘s forming a task force to get that individual.

[toomuchstuffagain35]

And if you plough those 'profits' back into the business, like buying equipment or supplies or inventory, then it's not actually a 'profit' anymore.

It's how non profits are able to be non profits as well.

[kensgiftshop]

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@rosemary6525 wrote:

We is redeemed  IRS going back to OLD TIMES   how many of u are glad???????????????

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The ones not claiming their income already.

The ones that do, doesn't make any difference.

[jonathanbrightlight]

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@quadcitypickers wrote:

Yes, I was trolling in my original reply.

But consider this..

Al Capone committed literally every crime imaginable, but the judicial system was only able to nail him on tax evasion charges. 

The IRS does not fool around.

The IRS can garnish your wages, seize your assets AND even take your home, ALL without a court order!

They add penalties AND interest to your previous amounts you did not claim. 

So to come here bragging "look ma! I don't havta pay taxes no more!"

Is not a very good look. I for one would rather stay on the good side of the IRS. 

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[gone.c-33]

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@christworks wrote:

Those who cast the first stone are almost always the ones doing something ten times worse than the one they accuse.

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You’re new so you probably dont know but OP has been trolling the boards posting wind up threads in digital blackface for years (they mess up and forget to write in their parody of AAVE like in post 16 here) so I really don’t think they deserve any grace.

Also, many are quick to point out that a higher treshold for receveing a 1099K does not mean those who don’t receive one don’t need to report their income because fiscal literacy is at an all time low and many people DON’T KNOW. 

[bonanza125]

@pickapaper 

"If "someone" is selling and 90% of their sales resulted in losses, then something is wrong somewhere.  Why would anyone put the time and effort into selling if they are losing money on nine out of 10 of their sales?"

Many sellers don't keep track and realize they are losing money which is why people come into this community and complain about Ebay fees.  You got individuals who don't calculate shipping cost correctly. They don't know the exact Ebay fees. They don't factor into cost of items being returned if the item isn't described. So in reality yes you got folks who lose 9 out of 10 times and don't even know it.