Signing a petition for a higher "threshold" for 1099-k

[beautybargin-5777]

Has anybody else recieved an e-mail regarding signing a petition to congress for "Increasing the $600 threshold for sellers"? What is everyone's thoughts and did you sign it? 

[mam98031]

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@makra3262 wrote:

So if you have a garage sale and sell over $600 of your personal property which you bought with your after tax dollars that’s OK? In what universe is that logical or fair?

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Making duplicate posts saying the same thing doesn't make it any more true.  Again the 1099K is for online sales not sales you transact in you front yard.

[theteamsetguy]

You can get blank 1040 forms at the library or online and fill them out by hand for FREE.

Also, a good CPA might be expensive any good one will save you more money than the fees they charge.

[theteamsetguy]

movieman630,

If we did that how are we going to pay for the services this great country of ours provides. Someone has to pay for roads, stadiums, teachers, firemen, policemen, immigrants, military, Covid vaccines, subways, Amtrak, food stamps, parks, just to name a few.

Would you rather pay no taxes and live in Russia, North Korea, Cuba, China or Iran?

[s.scharmu0]

Yes, I got mine today & clicked it away.  I have to pay tons of taxes anyway it would not help me.

[alakazella]

My friend got one sent to her. But she sold less then 600 dollars on ebay. I didn't get the email but I sold way more then 600. It might have only been sent to people who have not sold 600 or not sold that much. 

[mam98031]

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@alakazella wrote:

My friend got one sent to her. But she sold less then 600 dollars on ebay. I didn't get the email but I sold way more then 600. It might have only been sent to people who have not sold 600 or not sold that much. 

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Some states have their own requirements.  

[linertech1]

Having a hard time understanding why you'd agree with the new $600 threshold ?

I'm sure many people sell more than that when they have a garage sale.

Should they be required to report that as well ?

[mam98031]

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@linertech1 wrote:

Having a hard time understanding why you'd agree with the new $600 threshold ?

I'm sure many people sell more than that when they have a garage sale.

Should they be required to report that as well ?

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@linertech1 

This thread is about a year and a half old.  it will close soon.  If you'd like to discuss this, you may consider opening a new thread.

FYI  Even if you do not receive a 1099K, IRS REQUIRES us to report ALL our income to them.  So with or without the FORM, you still need to claim your correct income.

With that in mind.  It is unlikely that claiming $600 or less as income, after subtracting your costs, would even raise the income taxes you'd owe.  It is likely not to have much of an effect at all.

[kh-cathy]

Hi everyone,

Due to the age of this thread, it has been closed to further replies. Please feel free to start a new thread if you wish to continue to discuss this topic.

Thank you for understanding.