Redemption

[rosemary6525]

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

[estate_echoes]

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@bonanza125 wrote:

@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 ouqt 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. 

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More importantly millions of sellers are selling items they personally used, which is often done at a loss.

Which generally does not need to be reported.

This gets lost here on the boards due to bad advice. Which is often given by people who are incorrectly accounting for  this as business transactions instead of disposition of personal assets.

[monroe67]

The 16th is the Amendment that instituted the federal income tax.  

The 16th Amendment was ratified in 1913.  That's 112 years ago.  

I'm pretty sure that Amendment has been questioned in courts more than a few times and still stands . . . . .

[estate_echoes]

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@kensgiftshop wrote:

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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.

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All of those incorrectly reporting sales of personal items on Schedule C, like yourself, should be glad too, right?

It's now even less likely that the use of the incorrect form will need to be explained.

[estate_echoes]

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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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The IRS does not fool around. Simple audits cost $2k-$3k. They arent after people selling their used electronics and sporting goods well below any reporting threshold. 

It

[kensgiftshop]

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@estate_echoes wrote:

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@kensgiftshop wrote:

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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.

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All of those incorrectly reporting sales of personal items on Schedule C, like yourself, should be glad too, right?

It's now even less likely that the use of the incorrect form will need to be explained.

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What do you mean, incorrectly reporting sales of personal items?

If I sell something, I consider it as income and I report it.

I've sold very little of personal stuff and what I did sell, I didn't report what I paid for it, just what I sold it for.

[mam98031]

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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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On the Ebay part of your statement.  Just Google it.  Ebay's financials are public record since they are a publicly traded corporation.  Keeping in mind that none of us pay income taxes on Gross income, but net income [after deductions].

[estate_echoes]

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@mam98031 wrote:

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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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@rosemary6525 

Mostly those that don't understand how the form actually works or that with or without the form you need to report your income to the IRS.  But this is something you should know backwards and forwards by now as over the last couple of years you have started a handful of threads on the subject.  

Are you of the option that you can get up to $19,999 worth of sales on Ebay that you do not have to report to IRS?

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Lots of people on ebay can have up to $19,999 worth if sales and don't need to report. Not sure why this is so hard to understand. 

If Sally sells her car on ebay for $19k, when she paid originally paid $40k she does not need to report it. 

[tools*]

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@paxilill wrote:

Don't expect a number of helpful votes, people here like to virtue signal about how they once reported the cash sale to the IRS for dad's old vintage BYD tighty whites underwear they sold at a yard sale in Olathe Kansas on a July 2nd for $4.00 for the lot of twenty.  

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Unless your father wore a Chinese electric car on his crotch back in the day, I think you mean BVDs.

[mam98031]

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@estate_echoes wrote:

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@mam98031 wrote:

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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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@rosemary6525 

Mostly those that don't understand how the form actually works or that with or without the form you need to report your income to the IRS.  But this is something you should know backwards and forwards by now as over the last couple of years you have started a handful of threads on the subject.  

Are you of the option that you can get up to $19,999 worth of sales on Ebay that you do not have to report to IRS?

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Lots of people on ebay can have up to $19,999 worth if sales and don't need to report. Not sure why this is so hard to understand. 

If Sally sells her car on ebay for $19k, when she paid originally paid $40k she does not need to report it. 

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Not a soul brought up cars or selling cars on this thread.  No one but you.  Car sales it different and I suspect you know that but are trying to make some point with it that has nothing to do with the discussion here.  There are specific rules that guide auto sales.  Nothing I've discussed here.

If you get a 1099K, you are suppose to report it on your income taxes.  Whether or not you made a profit is a different question.  The 1099K is an informational form created by the IRS.  True that not all of that may be taxable income, but the person receiving the form must report it on their federal return.

I realize you are just wanting to be argumentative.

[estate_echoes]

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@kensgiftshop wrote:

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@estate_echoes wrote:

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@kensgiftshop wrote:

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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.

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All of those incorrectly reporting sales of personal items on Schedule C, like yourself, should be glad too, right?

It's now even less likely that the use of the incorrect form will need to be explained.

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What do you mean, incorrectly reporting sales of personal items?

If I sell something, I consider it as income and I report it.

I've sold very little of personal stuff and what I did sell, I didn't report what I paid for it, just what I sold it for.

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And you said you reported those personal sales on schedule c, right? Its the wrong form, regardless of any claim that you didnt report what you paid for the items. 

[bonanza125]

"More importantly millions of sellers are selling items they personally used, which is often done at a loss.

Which generally does not need to be reported.

This gets lost here on the boards due to bad advice. Which is often given by people who are incorrectly accounting for  this as business transactions instead of disposition of personal assets."

Personal items still need to be reported. All income needs to be reported. Now if there is a loss then you take the proper deductions.  Ebay is not a yard sale. It is a marketplace platform. You are considered a business doing business transactions. If you don't report then that's on you but if the IRS audits you cause of money in your account you better have all your paperwork ready. 

[bonanza125]

@estate_echoes 

"Lots of people on ebay can have up to $19,999 worth if sales and don't need to report. Not sure why this is so hard to understand. 

If Sally sells her car on ebay for $19k, when she paid originally paid $40k she does not need to report it."

Your comment is just not true. Hopefully you don't get audited. DMV still reports the sale of your car. If you have $19K in your account you will need to report to the IRS the loss you took on it. If you think people can just get away without paying taxes eventually the IRS catches up to them. Tax evasion. 

[doc-holmes]

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@rosemary6525 wrote:

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

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Hmm, this post sounds different from the rest. Forget something? 

[kensgiftshop]

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@estate_echoes wrote:

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@kensgiftshop wrote:

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@estate_echoes wrote:

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@kensgiftshop wrote:

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@rosemary6525 wrote:

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

---

The ones not claiming their income already.

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

---

All of those incorrectly reporting sales of personal items on Schedule C, like yourself, should be glad too, right?

It's now even less likely that the use of the incorrect form will need to be explained.

---

What do you mean, incorrectly reporting sales of personal items?

If I sell something, I consider it as income and I report it.

I've sold very little of personal stuff and what I did sell, I didn't report what I paid for it, just what I sold it for.

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And you said you reported those personal sales on schedule c, right? Its the wrong form, regardless of any claim that you didnt report what you paid for the items. 

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I don't know what form it was reported on, that's when I used H&R Block to file my taxes for a couple years.

[gloryglorygifts]

it doesn't alleviate your requirement from filing tax returns. Only death does that and they will come after your estate even after that. Death and taxes. Two consistencies in life.